v3.26.1
SEGMENTS
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
SEGMENTS
17. SEGMENTS
The Company operates in three reportable segments further described in the Description of Business Note. The accounting policies applied to the segments are the same as those described in the summary of significant accounting policies, with the exception of allocations between segments related to net interest income and other comprehensive income (loss), which are reflected in Other income (loss), and allocations between segments related to investment balances, which are presented net of associated financings in Total Assets. These allocations are made to reflect the economic hedging relationship between investments within different operating segments. Activities that are not directly attributable or not allocated to any of the three current operating segments (such as preferred stock dividends and corporate existence costs) are reported under Corporate and Other as reconciling items to the Company’s consolidated financial statements. The tables below summarize the result of operations and total assets by segment that are provided to the Chief Operating Decision Maker (CODM), which is the Company’s Operating Committee. Comprehensive income is the measure of segment profit or loss that is determined in accordance with the measurement principles used in measuring the corresponding amounts in the consolidated financial statements and is a key determinant of the Company’s economic return (computed as the change in stockholders’ equity attributable to common stockholders plus common stock dividends declared divided by the prior period’s stockholders’ equity attributable to common stockholders), a measure which is used by the CODM to evaluate segment results and is one of the factors considered in determining capital allocation among the segments.
The following tables present the reportable operating segments related to the Company’s results of operations for the three and six months ended June 30, 2026 and 2025:
Three Months Ended June 30, 2026
 AgencyResidential CreditMSRCorporate & OtherConsolidated
(dollars in thousands)
Interest income$1,102,237 $709,961 $— $— $1,812,198 
Interest expense755,259 568,746 — — 1,324,005 
Net interest income346,978 141,215 — — 488,193 
Servicing and related income— — 175,059 — 175,059 
Servicing and related expense— — 17,835 — 17,835 
Net servicing income— — 157,224 — 157,224 
Other income (loss)238,951 34,412 (25,231)(688)247,444 
Less: Total general and administrative expenses18,968 19,600 11,018 8,603 58,189 
Income (loss) before income taxes566,961 156,027 120,975 (9,291)834,672 
Income taxes581 1,772 4,546 — 6,899 
Net income (loss)566,380 154,255 116,429 (9,291)827,773 
Less: Net income (loss) attributable to noncontrolling interest— 5,100 — — 5,100 
Net income (loss) attributable to Annaly566,380 149,155 116,429 (9,291)822,673 
Dividends on preferred stock— — — 41,036 41,036 
Net income (loss) available (related) to common stockholders566,380 149,155 116,429 (50,327)781,637 
Unrealized gains (losses) on available-for-sale securities(23,400)— — — (23,400)
Reclassification adjustment for net (gains) losses included in net income (loss)— — — — — 
Other comprehensive income (loss)(23,400)— — — (23,400)
Comprehensive income (loss)542,980 154,255 116,429 (9,291)804,373 
Comprehensive income (loss) attributable to noncontrolling interests— 5,100 — — 5,100 
Comprehensive income (loss) attributable to Annaly$542,980 $149,155 $116,429 $(9,291)$799,273 
Noncash investing and financing activities:
Receivable for unsettled trades92,317 — 12,405 — 104,722 
Payable for unsettled trades262,764 14,443 54,379 — 331,586 
Net change in unrealized gains (losses) on available-for-sale securities, net of reclassification adjustment(23,400)— — — (23,400)
Dividends declared, not yet paid— — — 562,931 562,931 
Total assets
Total assets$90,585,914 $48,138,201 $4,985,815 $31,246 $143,741,176 
Three Months Ended June 30, 2025
 AgencyResidential CreditMSRCorporate & OtherConsolidated
(dollars in thousands)
Interest income$913,267 $505,463 $— $163 $1,418,893 
Interest expense731,316 414,222 — 155 1,145,693 
Net interest income181,951 91,241 — 8 273,200 
Servicing and related income— — 141,670 — 141,670 
Servicing and related expense— — 14,571 — 14,571 
Net servicing income— — 127,099 — 127,099 
Other income (loss)(252,852)(193)(39,372)2,947 (289,470)
Less: Total general and administrative expenses16,551 15,917 9,243 8,307 50,018 
Income (loss) before income taxes(87,452)75,131 78,484 (5,352)60,811 
Income taxes(130)(8,217)8,833 (46)440 
Net income (loss)(87,322)83,348 69,651 (5,306)60,371 
Less: Net income (loss) attributable to noncontrolling interest— 3,272 — — 3,272 
Net income (loss) attributable to Annaly(87,322)80,076 69,651 (5,306)57,099 
Dividends on preferred stock— — — 37,260 37,260 
Net income (loss) available (related) to common stockholders(87,322)80,076 69,651 (42,566)19,839 
Unrealized gains (losses) on available-for-sale securities33,559 — — — 33,559 
Reclassification adjustment for net (gains) losses included in net income (loss)13,797 — — — 13,797 
Other comprehensive income (loss)47,356 — — — 47,356 
Comprehensive income (loss)(39,966)83,348 69,651 (5,306)107,727 
Comprehensive income (loss) attributable to noncontrolling interests— 3,272 — — 3,272 
Comprehensive income (loss) attributable to Annaly$(39,966)$80,076 $69,651 $(5,306)$104,455 
Noncash investing and financing activities:
Receivable for unsettled trades1,104,920 — 29,976 — 1,134,896 
Payable for unsettled trades1,479,249 — 59,277 — 1,538,526 
Net change in unrealized gains (losses) on available-for-sale securities, net of reclassification adjustment47,356 — — — 47,356 
Dividends declared, not yet paid— — — 449,453 449,453 
Total assets
Total assets$75,289,321 $32,919,304 $3,835,511 $97,756 $112,141,892 
Six Months Ended June 30, 2026
 AgencyResidential CreditMSRCorporate & OtherConsolidated
(dollars in thousands)
Interest income$2,196,530 $1,340,598 $— $— $3,537,128 
Interest expense1,520,703 1,075,541 — — 2,596,244 
Net interest income675,827 265,057 — — 940,884 
Servicing and related income— — 334,192 — 334,192 
Servicing and related expense— — 34,415 — 34,415 
Net servicing income— — 299,777 — 299,777 
Other income (loss)(95,592)178,776 (88,029)(1,395)(6,240)
Less: Total general and administrative expenses37,090 37,514 21,105 15,044 110,753 
Income (loss) before income taxes543,145 406,319 190,643 (16,439)1,123,668 
Income taxes1,663 (3,681)7,400 (2)5,380 
Net income (loss)541,482 410,000 183,243 (16,437)1,118,288 
Less: Net income (loss) attributable to noncontrolling interest— 12,963 — — 12,963 
Net income (loss) attributable to Annaly541,482 397,037 183,243 (16,437)1,105,325 
Dividends on preferred stock— — — 81,688 81,688 
Net income (loss) available (related) to common stockholders541,482 397,037 183,243 (98,125)1,023,637 
Unrealized gains (losses) on available-for-sale securities(68,448)— — — (68,448)
Reclassification adjustment for net (gains) losses included in net income (loss)— — — — — 
Other comprehensive income (loss)(68,448)— — — (68,448)
Comprehensive income (loss)473,034 410,000 183,243 (16,437)1,049,840 
Comprehensive income (loss) attributable to noncontrolling interests— 12,963 — — 12,963 
Comprehensive income (loss) attributable to Annaly$473,034 $397,037 $183,243 $(16,437)$1,036,877 
Noncash investing and financing activities:
Receivable for unsettled trades92,317 — 12,405 — 104,722 
Payable for unsettled trades262,764 14,443 54,379 — 331,586 
Net change in unrealized gains (losses) on available-for-sale securities, net of reclassification adjustment(68,448)— — — (68,448)
Dividends declared, not yet paid— — — 562,931 562,931 
Total assets
Total assets$90,585,914 $48,138,201 $4,985,815 $31,246 $143,741,176 
Six Months Ended June 30, 2025
 AgencyResidential CreditMSRCorporate & OtherConsolidated
(dollars in thousands)
Interest income$1,762,467 $972,316 $— $1,218 $2,736,001 
Interest expense1,449,569 792,396 — 865 2,242,830 
Net interest income312,898 179,920 — 353 493,171 
Servicing and related income— — 282,105 — 282,105 
Servicing and related expense— — 28,684 — 28,684 
Net servicing income— — 253,421 — 253,421 
Other income (loss)(419,777)11,897 (42,333)1,086 (449,127)
Less: Total general and administrative expenses33,867 31,423 18,636 14,156 98,082 
Income (loss) before income taxes(140,746)160,394 192,452 (12,717)199,383 
Income taxes160 (8,741)17,343 (55)8,707 
Net income (loss)(140,906)169,135 175,109 (12,662)190,676 
Less: Net income (loss) attributable to noncontrolling interest— 9,353 — — 9,353 
Net income (loss) attributable to Annaly(140,906)159,782 175,109 (12,662)181,323 
Dividends on preferred stock— — — 74,417 74,417 
Net income (loss) available (related) to common stockholders(140,906)159,782 175,109 (87,079)106,906 
Unrealized gains (losses) on available-for-sale securities198,436 — — — 198,436 
Reclassification adjustment for net (gains) losses included in net income (loss)79,200 — — — 79,200 
Other comprehensive income (loss)277,636 — — — 277,636 
Comprehensive income (loss)136,730 169,135 175,109 (12,662)468,312 
Comprehensive income (loss) attributable to noncontrolling interests— 9,353 — — 9,353 
Comprehensive income (loss) attributable to Annaly$136,730 $159,782 $175,109 $(12,662)$458,959 
Noncash investing and financing activities:
Receivable for unsettled trades1,104,920 — 29,976 — 1,134,896 
Payable for unsettled trades1,479,249 — 59,277 — 1,538,526 
Net change in unrealized gains (losses) on available-for-sale securities, net of reclassification adjustment277,636 — — — 277,636 
Dividends declared, not yet paid— — — 449,453 449,453 
Total assets
Total assets$75,289,321 $32,919,304 $3,835,511 $97,756 $112,141,892