Annaly Capital Management, Inc. · NLY-PF · FY2026 Q2 · Calendar Q3 2026
Annaly expands agency and residential-credit activity in Q2
Annaly’s Q2 analysis supports a constructive operating thesis: management described resilient demand and growth across agency MBS, residential credit, and MSR, alongside conservative leverage and ample liquidity. The evidence is balanced by exposure to rates, prepayments, policy changes, and the availability and pricing of mortgage assets.
Earnings scorecard
Reported versus consensusMarket reaction
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Transcript intelligence
What changed
Relative to the prior-quarter analysis, the company increased its emphasis on agency MBS, with the agency portfolio reaching $95 billion, while residential credit posted record $7.1 billion loan acquisitions and completed large non-QM OBX securitizations. The dividend was raised to $0.75 per share, and management continued to emphasize low leverage and liquidity.
Guidance delta
Maintained; management continued to describe growth across agency MBS, residential credit, and MSR strategies while emphasizing liquidity and low leverage.
Key takeaways
- Management reported a 5.5% economic return and raised the quarterly dividend to $0.75 per share.
- The agency portfolio expanded to $95 billion, while residential credit recorded $7.1 billion of loan acquisitions.
- Management highlighted non-QM and DSCR demand, expanded warehouse capacity, and partnerships with more than 350 originators.
- MSR remained a core strategy, with selective purchases focused on higher loan balances.
- The outlook was constructive, but rate, prepayment, geopolitical, GSE, and MSR-supply risks remain.
Management priorities
- Deploy capital across agency MBS and residential credit, with emphasis on non-QM assets
- Continue selective MSR purchases, emphasizing higher loan balances
- Expand non-QM OBX securitizations
- Maintain low leverage and strong liquidity
- Use correspondent and other originator partnerships to deepen loan sourcing
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Try FN2 freeCompany context
Snapshot as of publicationAnnaly Capital Management, Inc. functions as a multifaceted investment management firm, concentrating its efforts on mortgage financing and lending to the corporate middle market. Its varied investment holdings include agency and non-Agency residential and commercial mortgage-backed securities, along with mortgage servicing rights, residential mortgage loans, credit risk transfer securities, corporate debt instruments, and various other commercial real estate ventures. The company operates under the tax classification of a Real Estate Investment Trust (REIT), which allows it to avoid federal corporate income tax, provided it distributes its taxable profits to its shareholders. Annaly Capital Management was established in 1996 and maintains its principal offices in New York City.
Historical context
All NLY-PF earningsReal Estate peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| CCI Crown Castle Inc. | FY2026 Q3 · Calendar Q4 2026 | -2.5% | -3.1% | Crown Castle raises 2026 guidance as transformation advances |
| ELS Equity LifeStyle Properties, Inc. | FY2026 Q3 · Calendar Q4 2026 | — | -4.4% | ELS Q3 2026: Guidance Held as Occupancy and Membership Trends Stay Firm |
| NLY-PG Annaly Capital Management, Inc. | FY2026 Q3 · Calendar Q4 2026 | +3.6% | — | Annaly prioritizes residential credit amid volatile fixed-income markets |
| NLY Annaly Capital Management, Inc. | FY2026 Q3 · Calendar Q4 2026 | +3.6% | -0.6% | Annaly’s earnings held above its dividend despite a difficult quarter |
| AGNCZ AGNC Investment Corp. 8.75% Series H Fixed-Rate Cumulative Redeemable Preferred Stock | FY2026 Q3 · Calendar Q4 2026 | -0.6% | +0.3% | AGNCZ: Q3 loss highlights rate volatility and hedging |
| AGNCL AGNC Investment Corp. | FY2026 Q3 · Calendar Q4 2026 | -0.6% | -0.3% | AGNC Q3: Rate Volatility Drove a -12.7% Economic Return |
Latest beats and misses
Who reports nextBeat on EPS
Missed on EPS
- CCIFY2026 Q3 · October 21, 2026-2.5% EPS-3.1% move
- PACFY2026 Q3 · October 20, 2026-2.2% EPS+7.1% move
- AGNCZFY2026 Q3 · October 19, 2026-0.6% EPS+0.3% move
- AGNCLFY2026 Q3 · October 19, 2026-0.6% EPS-0.3% move
- AGNCOFY2026 Q3 · October 19, 2026-0.6% EPS+0.3% move
- AGNCPFY2026 Q3 · October 19, 2026-0.6% EPS0.0% move
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Sources
- Earnings call transcript and parsed analysis · 2026-07-22T15:05:20.944873+00:00
- FN2 earnings calendar · 2026-08-26T01:23:15.088209+00:00
- Polygon adjusted daily market bars
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-21T21:50:41.063653+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-21. For educational purposes only; not investment advice.