Annaly Capital Management, Inc. · NLY-PG · FY2026 Q3 · Calendar Q4 2026
Annaly prioritizes residential credit amid volatile fixed-income markets
Annaly's Q3 analysis points to earnings coverage and strong residential-credit activity supporting continued deployment, but the negative economic return and rate-sensitive book value remain important offsets.
Earnings scorecard
Reported versus consensusMarket reaction
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Transcript intelligence
What changed
Compared with the prior quarter, economic performance weakened while EAD still covered the dividend. The Agency portfolio was trimmed modestly but shifted toward higher-coupon MBS, residential-credit volume remained strong, and MSR assets increased; common-equity issuance and preferred-stock redemption also changed the capital base.
Guidance delta
Maintained; management emphasized continued capital deployment with residential credit first, followed by Agency and MSR.
Key takeaways
- EAD of $0.80 per share exceeded the $0.75 dividend despite a negative economic return.
- Residential credit locked $7 billion of volume; non-QM issuance was up about 60% year to date.
- MSR assets grew to $4.3 billion while leverage remained conservative at 5.9x.
Management priorities
- Deploy capital first to residential credit, then Agency MBS and MSR.
- Expand the Onslow Bay correspondent platform and non-QM issuance.
- Maintain ample liquidity and conservative leverage for opportunistic investments.
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Try FN2 freeCompany context
Snapshot as of publicationAnnaly Capital Management, Inc. operates as a comprehensive investment firm, concentrating its efforts on mortgage-related financial activities and providing loans to companies in the corporate middle market. The firm strategically allocates capital across a diverse range of assets. These include various mortgage-backed securities (both agency-backed residential and commercial), residential mortgage assets (including non-Agency types and direct loans), mortgage servicing rights, credit risk transfer securities, corporate debt instruments, and other commercial real estate investments. Notably, Annaly has adopted the tax classification of a Real Estate Investment Trust (REIT). This designation exempts the company from federal corporate income tax, provided it distributes a substantial portion of its taxable earnings to its shareholders. Founded in 1996, the company maintains its headquarters in New York, New York.
Real Estate peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| 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-PF Annaly Capital Management, Inc. | FY2026 Q3 · Calendar Q4 2026 | +3.6% | — | Annaly prioritizes residential credit amid rate volatility |
| 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 |
| AGNCO AGNC Investment Corp. | FY2026 Q3 · Calendar Q4 2026 | -0.6% | +0.3% | AGNC absorbs Q3 rate shock while defending agency MBS fundamentals |
Latest beats and misses
Who reports nextBeat on EPS
- NLY-PFFY2026 Q3 · October 20, 2026+3.6% EPS— move
- NLYFY2026 Q3 · October 20, 2026+3.6% EPS-0.6% move
- CBFY2026 Q3 · October 20, 2026+12.8% EPS-0.4% move
- ISRGFY2026 Q3 · October 20, 2026+13.2% EPS-3.6% move
- SPCXFY2026 Q3 · October 20, 2026+160.0% EPS-0.1% move
- COF-PIFY2026 Q3 · October 20, 2026+21.6% EPS— move
Missed on EPS
- 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
- AGNCMFY2026 Q3 · October 19, 2026-0.6% EPS-0.3% move
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Sources
- Earnings call transcript and parsed analysis · 2026-10-21T17:06:32.888834+00:00
- FN2 earnings calendar · 2026-10-21T01:23:14.182042+00:00
- Polygon adjusted daily market bars
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.