Annaly Capital Stock Price, News & Analysis

Annaly Capital Management, Inc. (NYSE: NLY) is a mortgage-focused real estate investment trust (REIT) and diversified capital manager operating in the finance and insurance sector. According to the company’s disclosures and public filings, Annaly’s principal business objective is to generate net income for distribution to its stockholders and to optimize returns through prudent management of diversified investment strategies across mortgage finance. The company is internally managed and has elected to be taxed as a REIT for U.S. federal income tax purposes.

Annaly’s common stock and several series of preferred stock are listed on the New York Stock Exchange under the symbols NLY, NLY.F, NLY.G, NLY.I and NLY.J, as noted in its Form 8-K filings. The company is incorporated in Maryland and maintains its principal offices in New York, New York, reflecting its role in U.S. capital markets and housing finance.

Business model and investment focus

Annaly describes itself as a diversified capital manager with investment strategies across mortgage finance. Its stated objective is to generate net income for distribution and to optimize returns through prudent management of these strategies. Based on the company’s public description and prior segment disclosures, Annaly’s activities span Agency mortgage-backed securities, residential credit and mortgage servicing rights (MSR), along with corporate and other activities. The company emphasizes diversified investment strategies within mortgage finance to balance income generation, risk and capital allocation.

Annaly has highlighted three core businesses in its public results: an Agency mortgage-backed securities portfolio, a Residential Credit portfolio and an MSR portfolio. In its third quarter 2025 results release, Annaly reported that each of these investment strategies contributed to performance and that capital raised during the period was deployed across these businesses. The Agency portfolio is described as highly liquid and a significant component of Annaly’s total portfolio, while the Residential Credit and MSR portfolios are supported by securitization activity and servicing relationships.

Mortgage finance platform and housing focus

Annaly positions itself as a leader in housing finance, with assets invested across Agency MBS, Residential Credit and MSR strategies. In connection with its MSR business, the company has disclosed that its MSR portfolio consists of a large number of loans with substantial unpaid principal balance and that these loans are high-quality conventional mortgages with strong borrower credit characteristics at origination. Annaly has also noted that its activities and corporate responsibility efforts support American homeownership, underscoring its focus on the U.S. housing market.

The company’s residential credit activities include the aggregation and securitization of residential whole loans through its subsidiary Onslow Bay Financial LLC (Onslow Bay or OBX). Annaly has reported that Onslow Bay purchases closed, funded residential whole loans from an expansive network of approved originator partners and focuses on providing liquidity to the U.S. housing market through the acquisition and management of residential mortgage assets. Onslow Bay has been active in acquiring expanded credit residential whole loans for more than a decade.

Onslow Bay residential whole loan securitization platform

Annaly’s subsidiary Onslow Bay operates a residential whole loan securitization platform that the company describes as a preeminent correspondent aggregator. According to Annaly’s news releases, Onslow Bay aggregates residential whole loans with significant control over production, including guidelines, exceptions, pricing, originator network, asset management and sub-servicing partners. The platform has executed numerous privately placed securitizations backed by Non-QM residential loans and has introduced structural features such as floating-rate tranches and specific cash flow structures in Non-QM transactions.

Annaly has reported that Onslow Bay reached a milestone by closing its 100th residential whole loan securitization and that cumulative issuance from the platform has reached tens of billions of dollars since its first securitization. The company has also stated that, as of a recent period, Onslow Bay was the largest non-bank issuer and the second largest issuer overall of certain types of mortgage-backed securities, reflecting the scale of its residential credit activities.

Mortgage servicing rights and subservicing relationships

Annaly’s MSR strategy is an important component of its mortgage finance platform. The company has disclosed that it brought MSR on balance sheet in 2020 and that it has since become a top servicer of Agency MBS with a differentiated MSR portfolio. Annaly’s MSR portfolio consists of high-quality conventional loans with a disclosed weighted average FICO score at origination and an average note rate, indicating a focus on credit quality and rate characteristics.

To support its MSR business, Annaly has entered into strategic subservicing relationships. In a 2025 announcement, Annaly and PennyMac Financial Services, Inc. (Pennymac) disclosed a subservicing agreement and a master purchase agreement under which Annaly agreed to purchase a portfolio of MSR from Pennymac, while Pennymac will handle all servicing and recapture activities for the MSR sold to Annaly. Annaly has stated that this partnership enhances its network of servicing and recapture relationships and that it expects to benefit from Pennymac’s recapture capabilities and focus on the customer experience.

Capital management, financing and preferred stock

Annaly’s business model relies on active capital management and financing arrangements. The company’s third quarter 2025 results highlighted capital raising through its at-the-market common equity sales program and the issuance of preferred stock. In a December 2025 Form 8-K, Annaly disclosed that it entered into distribution agency agreements with multiple sales agents, allowing it to offer and sell shares of its common stock in at-the-market offerings under an automatic shelf registration statement.

The company has several series of preferred stock outstanding, including Series F, Series G, Series I and Series J cumulative redeemable preferred stock, each listed on the New York Stock Exchange. Annaly’s Board of Directors has declared quarterly cash dividends on these preferred series in accordance with their terms, as described in its news releases. The company also declares common stock dividends, consistent with its objective of distributing net income to stockholders.

Financial reporting and investor communications

Annaly provides regular financial reporting through quarterly earnings releases, investor presentations and financial supplements. For example, the company issued a press release announcing its financial results for the quarter ended September 30, 2025 and furnished an investor presentation and financial supplement as exhibits to Form 8-K filings. These materials include information on portfolio composition, leverage, net interest margin and other key performance indicators.

The company schedules conference calls and audio webcasts to discuss its quarterly results, with details such as call dates, times and access information provided in its news releases. Annaly uses its website and other channels to distribute company information and offers email subscription options for investors who wish to receive alerts about press releases, SEC filings and other updates.

Corporate governance and management

Annaly has highlighted its internal management structure and governance practices. In a news release regarding the retirement of its Chief Legal Officer, Chief Corporate Officer and Secretary, the company noted that this executive was instrumental in the internalization of Annaly’s management structure in 2020, aligning governance and operations with traditional public company practices. The same release emphasized the executive’s role in supporting complex acquisitions and divestitures and strengthening governance while building teams.

The company’s SEC filings indicate that Annaly is incorporated in Maryland and that its securities are registered under Section 12(b) of the Securities Exchange Act of 1934. The filings list the company’s commission file number and federal employer identification number, reflecting its status as a public reporting company.

Role within the finance and insurance sector

Within the broader finance and insurance sector, Annaly operates as a mortgage REIT and capital manager focused on mortgage finance. The company describes itself as a leader in housing finance and as the world’s largest residential mortgage REIT in one of its news releases. Its activities across Agency MBS, residential credit and MSR, along with its securitization platform and servicing relationships, position Annaly as a significant participant in U.S. housing finance and mortgage capital markets.

Annaly’s disclosures emphasize prudent management of diversified investment strategies, capital allocation across its core businesses and the use of financing and securitization to support portfolio growth. Through its REIT structure, the company focuses on generating net income for distribution to stockholders while managing risk across its mortgage finance activities.