Income StatementBalance SheetCash FlowSegments
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Annaly Capital Management Business Segments

Business, geographic, and product segment breakdowns

Annaly Capital Management generates $6.4B in annual revenue across 3 key segments: Agency ($1.6B), MSR ($323.1M), and Residential Credit ($523.9M). Based on the Q1 2026 filing.

Agency (TTM)$1.6BMSR (TTM)$323.1MResidential Credit (TTM)$523.9M
Latest FilingQ1 2026
Report Date2026-04-29
Market Cap$15.8B
P/E Ratio7.24
ROE14.94%

Geographic

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Geographic Concentrations of Residential Mortgage Loans—33.7%0.1%0.8%0.9%36.5%

Business Segments

Total Assets

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Agency$71.8B$70.4B$75.3B$85.8B$91.8B$89.4B
Residential Credit$28.1B$30.7B$32.9B$35.8B$39.3B$44.2B
MSR$3.4B$3.8B$3.8B$4.1B$4.4B$4.9B

Comprehensive income (loss)

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Residential Credit$34.8M$85.8M$83.3M$117.1M$67.7M$255.7M
Agency$50.8M$176.7M-$40.0M$775.0M$979.4M-$69.9M
MSR$85.2M$105.5M$69.7M$71.3M$115.4M$66.8M

Comprehensive income (loss) attributable to noncontrolling interests

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Residential Credit—$6.1M$3.3M$10.6M$4.5M$7.9M
Agency$0.0$0.0$0.0$0.0$0.0$0.0
MSR$0.0$0.0$0.0$0.0$0.0$0.0

Comprehensive Income (Loss), Net of Tax, Attributable to Parent

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Residential Credit$43.8M$79.7M$80.1M$106.5M$63.3M$247.9M
Agency$50.8M$176.7M-$40.0M$775.0M$979.4M-$69.9M
MSR$85.2M$105.5M$69.7M$71.3M$115.4M$66.8M

Dividends declared, not yet paid

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Agency$0.0$0.0$0.0$0.0$0.0$0.0
MSR$0.0$0.0$0.0$0.0$0.0$0.0
Residential Credit$0.0$0.0$0.0$0.0$0.0$0.0

Dividends on preferred stock

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Agency$0.0$0.0$0.0$0.0$0.0$0.0
MSR$0.0$0.0$0.0$0.0$0.0$0.0
Residential Credit$0.0$0.0$0.0$0.0$0.0$0.0

Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Residential Credit$29.0M$85.3M$75.1M$109.9M$56.2M$250.3M
MSR$100.1M$114.0M$78.5M$70.9M$116.8M$69.7M
Agency$357.6M-$53.3M-$87.5M$659.0M$844.2M-$23.8M

Interest Expense

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Agency$804.9M$718.3M$731.3M$811.2M$844.9M$765.4M
Residential Credit$345.7M$378.2M$414.2M$445.6M$479.2M$506.8M
MSR$0.0$0.0$0.0$0.0$0.0$0.0

Interest Income

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Residential Credit$430.8M$466.9M$505.5M$539.9M$585.2M$630.6M
Agency—$130.9M$182.0M$181.4M$260.6M$328.8M
Residential Credit$85.2M$88.7M$91.2M$94.3M$106.0M$123.8M
MSR$0.0$0.0$0.0$0.0$0.0$0.0

Less: Total general and administrative expenses

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Agency$16.3M$17.3M$16.6M$17.8M$18.2M$18.1M
Residential Credit$13.7M$15.5M$15.9M$16.8M$17.1M$17.9M
MSR$8.7M$9.4M$9.2M$9.4M$9.5M$10.1M

Net change in unrealized gains (losses) on available-for-sale securities, net of reclassification adjustment

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Agency—$230.3M$47.4M$115.7M$135.8M-$45.0M
MSR$0.0$0.0$0.0$0.0$0.0$0.0
Residential Credit$0.0$0.0$0.0$0.0$0.0$0.0

Net income (loss)

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Residential Credit$34.8M$85.8M$83.3M$117.1M$67.7M$255.7M
MSR$85.2M$105.5M$69.7M$71.3M$115.4M$66.8M
Agency$356.3M-$53.6M-$87.3M$659.3M$843.5M-$24.9M

Net income (loss) attributable to noncontrolling interests

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Residential Credit—$6.1M$3.3M$10.6M$4.5M$7.9M
Agency$0.0$0.0$0.0$0.0$0.0$0.0
MSR$0.0$0.0$0.0$0.0$0.0$0.0

Net Income (Loss) Available to Common Stockholders, Basic

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Residential Credit$43.8M$79.7M$80.1M$106.5M$63.3M$247.9M
MSR$85.2M$105.5M$69.7M$71.3M$115.4M$66.8M
Agency$356.3M-$53.6M-$87.3M$659.3M$843.5M-$24.9M

Net Servicing Income

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
MSR$115.6M$126.3M$127.1M$126.3M$139.6M$142.6M
Agency$0.0$0.0$0.0$0.0$0.0$0.0
Residential Credit$0.0$0.0$0.0$0.0$0.0$0.0

Nonoperating Income (Expense)

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Agency$272.3M-$166.9M-$252.9M$495.4M$601.8M-$334.5M
Residential Credit—$12.1M-$193.0K$32.3M—$144.4M
MSR-$6.8M-$3.0M-$39.4M-$45.9M-$13.3M-$62.8M

Other Comprehensive Income (Loss), Net of Tax

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Agency—$230.3M$47.4M$115.7M$135.8M-$45.0M
MSR$0.0$0.0$0.0$0.0$0.0$0.0
Residential Credit$0.0$0.0$0.0$0.0$0.0$0.0

Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Agency-$31.6M-$65.4M-$13.8M-$2.4M-$60.8M$0.0
MSR$0.0$0.0$0.0$0.0$0.0$0.0
Residential Credit$0.0$0.0$0.0$0.0$0.0$0.0

Payable for unsettled trades

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Agency$280.5M$2.2B$1.5B$2.5B$1.9B$1.4B
MSR$27.8M$84.5M$59.3M$84.7M$120.4M$106.3M
Residential Credit$0.0$0.0$0.0$22.1M$0.0$6.0M

Receivable for unsettled trades

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Agency$2.1B$2.3M$1.1B$179.8M$846.0K$867.2M
MSR$59.1M$217.0K$30.0M$6.1M$185.0K$24.1M
Residential Credit$0.0$0.0$0.0$0.0$0.0$0.0

Servicing and related expense

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
MSR$11.6M$14.1M$14.6M$15.1M$16.5M$16.6M
Agency$0.0$0.0$0.0$0.0$0.0$0.0
Residential Credit$0.0$0.0$0.0$0.0$0.0$0.0

Servicing and related income

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
MSR$127.2M$140.4M$141.7M$141.4M$156.1M$159.1M
Agency$0.0$0.0$0.0$0.0$0.0$0.0
Residential Credit$0.0$0.0$0.0$0.0$0.0$0.0

Total provision

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Residential Credit-$5.7M-$524.0K-$8.2M-$7.2M-$11.5M-$5.5M
MSR$14.9M$8.5M$8.8M-$341.0K$1.4M$2.9M
Agency$1.3M$290.0K-$130.0K-$281.0K$615.0K$1.1M

Unrealized gains (losses) on available-for-sale securities

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Agency-$337.1M$164.9M$33.6M$113.3M$75.0M-$45.0M
MSR$0.0$0.0$0.0$0.0$0.0$0.0
Residential Credit$0.0$0.0$0.0$0.0$0.0$0.0