ANNALY CAPITAL MANAGEMENT INC
For the period ended Jun 30, 2026. Filed Jul 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.
Jun 30, 2026 · Filed Jul 29, 2026
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Financial Condition
Total assets were $143.7 billion and $135.6 billion at June 30, 2026 and December 31, 2025, respectively. The change was primarily due to increases in securitized residential whole loans of consolidated VIEs of $6.2 billion, residential mortgage loans of $2.3 billion, cash and cash equivalents of $874.2 million, MSR and interests in MSR of $521.8 million, and receivables for unsettled trades of $103.7 million, partially offset by decreases in securities of $1.8 billion, principal and interest receivable of $80.1 million, and derivative assets of $33.7 million. Our portfolio composition, net equity allocation and debt-to-net equity ratio by asset class were as follows at June 30, 2026.
| Agency MBS | Residential Credit (1) | MSR | Total | |
|---|---|---|---|---|
| Assets · (dollars in thousands) | ||||
| Fair value | $87,768,578 | $47,284,576 | $4,196,260 | $139,249,414 |
| Implied market value of derivatives (2) | 7,216,874 | — | — | 7,216,874 |
| Debt | ||||
| Repurchase agreements | 79,967,798 | 6,928,076 | — | 86,895,874 |
| Implied cost basis of derivatives (2) | 7,169,573 | — | — | 7,169,573 |
| Other secured financing | — | — | 1,125,000 | 1,125,000 |
| Debt issued by securitization vehicles | — | 34,366,098 | — | 34,366,098 |
| Participations issued | — | 2,553,709 | — | 2,553,709 |
| Net forward purchases | 170,446 | 14,444 | 41,974 | 226,864 |
| Other | ||||
| Net other assets / liabilities | 1,918,956 | 427,902 | 502,348 | 2,849,206 |
| Net equity allocated | $9,596,591 | $3,850,151 | $3,531,634 | $16,978,376 |
| Net equity allocated (%) | 57% | 22% | 21% | 100% |
| Debt/net equity ratio (3) | 8.3:1 | 11.4:1 | 0.3:1 | 7.4:1 |
| (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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