Annaly Capital Management, Inc. · NLY · FY2026 Q2 · Calendar Q3 2026
NLY Q2 2026: Stronger Returns and Record Residential-Credit Activity
The quarter supports a constructive but conditional view of NLY's multi-strategy housing-finance platform: management described strong demand and expanded deployment capacity, while the key test is whether returns, dividend coverage and sourcing remain durable through rate, regulatory and spread changes.
Earnings scorecard
Reported versus consensusMarket reaction
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Transcript intelligence
What changed
Compared with the prior quarter, agency exposure increased to $95 billion and residential-credit activity reached a record $7.1 billion of acquisitions. Management also highlighted two billion-dollar non-QM OBX securitizations, a stable MSR portfolio rotated toward higher balances, and approximately $450 million raised through the ATM program.
Guidance delta
Guidance sentiment remained maintained; management raised the dividend to $0.75 and linked further increases to earnings power.
Key takeaways
- Economic return was 5.5%, with $0.79 of earnings available for distribution supporting the raised $0.75 dividend.
- The agency portfolio grew to $95 billion, while residential-credit acquisitions reached a quarterly record.
- Management cited fixed-income inflows, non-QM and DSCR demand, and warehouse capacity as deployment supports.
Management priorities
- Deploy incremental capital across agency MBS, residential credit and MSR.
- Scale non-QM and DSCR activity, including large OBX securitizations.
- Maintain warehouse capacity and continue MSR purchases while managing rate and prepayment risk.
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Try FN2 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
- 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 · 2026-07-22T15:03:35.408685+00:00
- FN2 earnings calendar · 2026-08-26T01:23:15.088209+00:00
- Polygon adjusted daily market bars · 2026-10-21T22:00:43.394007+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-21T22:00:43.391211+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.