ANNALY CAPITAL MANAGEMENT INC
For the period ended Mar 31, 2026. Filed Apr 29, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed Apr 29, 2026
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Financial Condition
Total assets were $138.5 billion and $135.6 billion at March 31, 2026 and December 31, 2025, respectively. The change was primarily due to increases in residential mortgage loans of $2.2 billion, securitized residential whole loans of consolidated VIEs of $2.1 billion, receivables for unsettled trades of $890.3 million, mortgage servicing rights of $470.1 million, and derivative assets of $279.6 million, partially offset by decreases in securities of $2.8 billion, cash and cash equivalents of $125.4 million, and principal and interest receivable of $120.2 million. Our portfolio composition, net equity allocation and debt-to-net equity ratio by asset class were as follows at March 31, 2026.
| Agency MBS | Residential Credit (1) | MSR | Total | |
|---|---|---|---|---|
| Assets · (dollars in thousands) | ||||
| Fair value | $86,380,653 | $43,531,642 | $4,143,211 | $134,055,506 |
| Implied market value of derivatives (2) | 5,845,420 | — | — | 5,845,420 |
| Debt | ||||
| Repurchase agreements | 78,294,832 | 6,773,270 | — | 85,068,102 |
| Implied cost basis of derivatives (2) | 5,948,177 | — | — | 5,948,177 |
| Other secured financing | — | — | 1,125,000 | 1,125,000 |
| Debt issued by securitization vehicles | — | 30,719,417 | — | 30,719,417 |
| Participations issued | — | 2,484,018 | — | 2,484,018 |
| Net forward purchases | 543,239 | 6,024 | 82,194 | 631,457 |
| Other | ||||
| Net other assets / liabilities | 1,615,242 | 319,496 | 466,318 | 2,401,056 |
| Net equity allocated | $9,055,067 | $3,868,409 | $3,402,335 | $16,325,811 |
| Net equity allocated (%) | 56% | 23% | 21% | 100% |
| Debt/net equity ratio (3) | 8.6:1 | 10.3:1 | 0.3:1 | 7.3:1 |
| (1) Fair value includes residential loans held for sale, commercial assets and liabilities and assets and liabilities associated with non-controlling interests.(2) Derivatives include TBA contracts under Agency MBS.(3) Represents the debt/net equity ratio as determined using amounts in the Consolidated Statements of Financial Condition. | ||||
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