Annaly Capital Management, Inc. · NLY · FY2025 Q2 · Calendar Q3 2025
Annaly emphasizes agency MBS, liquidity, and disciplined growth
The supplied analysis supports a constructive but conditional view: resilient portfolio performance and disciplined funding support continued growth, while rates, housing, leverage, and GSE reform remain material tests.
Earnings scorecard
Reported versus consensusMarket reaction
event-close to next-session closeAsk FN2 about NLY FY2025 Q2
Transcript, numbers and history already loadedFree account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Relative to the prior-quarter analysis, management emphasized continued portfolio expansion, stronger non-mark-to-market funding capacity, record Onslow Bay securitization activity, and ongoing investment in servicing efficiency, while retaining a cautious stance on macro and regulatory risks.
Guidance delta
Maintained; the supplied analysis does not identify a change in guidance sentiment.
Key takeaways
- Management described continued positive economic returns and dividend coverage.
- Agency MBS, residential credit, and MSR remained the core portfolio priorities.
- The growth posture pairs selective capital deployment with modest leverage and ample liquidity.
Management priorities
- Maintain an overweight agency MBS position while seeking attractive spreads.
- Grow residential credit and MSR portfolios, including the Onslow Bay platform.
- Expand servicing partnerships and use technology to improve servicing efficiency.
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Try FN2 freeEarnings History
Analyst 52W Price Targets
Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Oct 22, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Jones Trading | Buy | Buy | Maintain | Oct 21, 2026 |
| Piper Sandler | Overweight | Overweight | Maintain | Oct 9, 2026 |
| BTIG | Buy | Buy | Maintain | Oct 7, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Jul 24, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | Jul 23, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | Jun 3, 2026 |
| UBS | Neutral | Neutral | Maintain | Apr 24, 2026 |
| Keefe, Bruyette & Woods | Outperform | Outperform | Maintain | Jan 30, 2026 |
| Barclays | Equal Weight | Equal Weight | Maintain | Jan 30, 2026 |
| Keefe, Bruyette& Woods | Outperform | Outperform | Maintain | Apr 8, 2025 |
| JMP Securities | Market Perform | Market Perform | Maintain | Jan 23, 2025 |
| Compass Point | Buy | Buy | Maintain | Jul 26, 2024 |
| JonesTrading | Buy | Buy | Maintain | Apr 25, 2024 |
| Argus Research | Hold | Buy | Downgrade | Feb 21, 2023 |
| B of A Securities | Neutral | Buy | Downgrade | Feb 14, 2022 |
| Deutsche Bank | Buy | Buy | Maintain | Jul 30, 2020 |
| Keefe Bruyette & Woods | Outperform | Market Perform | Upgrade | Jan 14, 2019 |
| Bank of America | Underperform | Neutral | Downgrade | Dec 15, 2016 |
| FBR Capital | Outperform | Market Perform | Upgrade | Feb 23, 2016 |
| Nomura | Buy | Neutral | Upgrade | Aug 12, 2015 |
| Citigroup | Neutral | Neutral | Maintain | Jun 5, 2015 |
| Sterne Agee | Buy | Neutral | Upgrade | Aug 7, 2014 |
| Portales Partners | Outperform | Sector Perform | Upgrade | May 8, 2014 |
| Wunderlich | Hold | Hold | Maintain | Nov 11, 2013 |
| Jefferies | Hold | Hold | Maintain | Aug 12, 2013 |
| Evercore Partners | Equal Weight | Overweight | Downgrade | May 3, 2013 |
| Credit Suisse | Neutral | Neutral | Maintain | Feb 7, 2013 |
| Macquarie | Underperform | Neutral | Downgrade | Sep 13, 2012 |
Named analyst price targets
Upside is calculated against the persisted previous close $18.01. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| BTIG | Analyst unavailable | $21 | $18.42 | +16.6% | Oct 6, 2026 |
| BTIG | Analyst unavailable | $24 | $22.59 | +33.3% | Jun 17, 2026 |
| UBS | Analyst unavailable | $23 | $22.74 | +27.7% | Apr 24, 2026 |
| RBC Capital | Kenneth Lee | $25 | $23.06 | +38.8% | Feb 5, 2026 |
| Barclays | Terry Ma | $24 | $24 | +33.3% | Jan 30, 2026 |
| Wells Fargo | Donald Fandetti | $25 | $23.84 | +38.8% | Jan 29, 2026 |
| Piper Sandler | Crispin Love | $25 | $23.33 | +38.8% | Jan 15, 2026 |
| Barclays | Analyst unavailable | $23 | $22.77 | +27.7% | Jan 6, 2026 |
| BTIG | Eric Hagen | $25 | $22.77 | +38.8% | Jan 6, 2026 |
| Piper Sandler | Analyst unavailable | $23.5 | $22.7 | +30.5% | Dec 22, 2025 |
| Piper Sandler | Analyst unavailable | $22.5 | $20.6 | +24.9% | Oct 8, 2025 |
| Barclays | Analyst unavailable | $20 | $20.76 | +11.0% | Oct 6, 2025 |
| RBC Capital | Kenneth Lee | $23 | $22 | +27.7% | Sep 15, 2025 |
| Argus Research | Kevin Heal | $21 | $19.01 | +16.6% | Oct 31, 2024 |
| Wells Fargo | Donald Fandetti | $23 | $20.8 | +27.7% | Sep 20, 2024 |
| Piper Sandler | Crispin Love | $20.5 | $20.09 | +13.8% | Aug 16, 2024 |
| Piper Sandler | Crispin Love | $21.5 | $18.88 | +19.4% | May 2, 2023 |
| JonesTrading | Jason Stewart | $22.5 | $21.39 | +24.9% | Dec 19, 2022 |
| Barclays | Analyst unavailable | $28 | $25.44 | +55.5% | Apr 27, 2022 |
| J.P. Morgan | Analyst unavailable | $26 | $25.54 | +44.4% | Apr 25, 2022 |
| KBW | Bose George | $34 | $32.36 | +88.8% | Oct 28, 2021 |
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Start freeCompany context
Snapshot as of publicationAnnaly Capital Management, Inc. (NLY) operates as a multifaceted financial firm, specializing in managing capital across various sectors. Its core business encompasses mortgage-related investments and lending to middle-market corporations. NLY strategically deploys capital across a diverse range of assets, including government-sponsored (Agency) and privately-issued (non-Agency) mortgage-backed securities, residential and commercial mortgage loans, mortgage servicing rights, credit risk transfer instruments, corporate debt, and other commercial real estate investments. Operating as a Real Estate Investment Trust (REIT), Annaly benefits from a particular tax structure. This designation exempts it from federal corporate income tax, provided it distributes the majority of its taxable earnings to its investors. Established in 1996, the firm's corporate headquarters are located in New York City.
Historical context
All NLY 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-PF Annaly Capital Management, Inc. | FY2026 Q3 · Calendar Q4 2026 | +3.6% | — | Annaly prioritizes residential credit amid rate volatility |
| NLY-PG Annaly Capital Management, Inc. | FY2026 Q3 · Calendar Q4 2026 | +3.6% | — | Annaly prioritizes residential credit amid volatile fixed-income markets |
| 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
- METAFY2026 Q3 · October 21, 2026-41.4% EPS+0.5% move
- LVSFY2026 Q3 · October 21, 2026-20.9% EPS-1.7% move
- MCOFY2026 Q3 · October 21, 2026-2.6% EPS+1.2% move
- 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
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:55.686058+00:00
- Polygon adjusted daily market bars · 2026-10-22T10:10:49.868182+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-22T10:10:49.865470+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.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
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 2026-10-22. For educational purposes only; not investment advice.