| Segment Reporting |
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 | | | Agency | Residential Credit | MSR | Corporate & Other | Consolidated | | (dollars in thousands) | | Interest income | $ | 1,102,237 | | $ | 709,961 | | $ | — | | $ | — | | $ | 1,812,198 | | | Interest expense | 755,259 | | 568,746 | | — | | — | | 1,324,005 | | | Net interest income | 346,978 | | 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 expenses | 18,968 | | 19,600 | | 11,018 | | 8,603 | | 58,189 | | | Income (loss) before income taxes | 566,961 | | 156,027 | | 120,975 | | (9,291) | | 834,672 | | | Income taxes | 581 | | 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 Annaly | 566,380 | | 149,155 | | 116,429 | | (9,291) | | 822,673 | | | Dividends on preferred stock | — | | — | | — | | 41,036 | | 41,036 | | | Net income (loss) available (related) to common stockholders | 566,380 | | 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 trades | 92,317 | | — | | 12,405 | | — | | 104,722 | | | Payable for unsettled trades | 262,764 | | 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 | | | Agency | Residential Credit | MSR | Corporate & Other | Consolidated | | (dollars in thousands) | | Interest income | $ | 913,267 | | $ | 505,463 | | $ | — | | $ | 163 | | $ | 1,418,893 | | | Interest expense | 731,316 | | 414,222 | | — | | 155 | | 1,145,693 | | | Net interest income | 181,951 | | 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 expenses | 16,551 | | 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 securities | 33,559 | | — | | — | | — | | 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 trades | 1,104,920 | | — | | 29,976 | | — | | 1,134,896 | | | Payable for unsettled trades | 1,479,249 | | — | | 59,277 | | — | | 1,538,526 | | | Net change in unrealized gains (losses) on available-for-sale securities, net of reclassification adjustment | 47,356 | | — | | — | | — | | 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 | | | Agency | Residential Credit | MSR | Corporate & Other | Consolidated | | (dollars in thousands) | | Interest income | $ | 2,196,530 | | $ | 1,340,598 | | $ | — | | $ | — | | $ | 3,537,128 | | | Interest expense | 1,520,703 | | 1,075,541 | | — | | — | | 2,596,244 | | | Net interest income | 675,827 | | 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 expenses | 37,090 | | 37,514 | | 21,105 | | 15,044 | | 110,753 | | | Income (loss) before income taxes | 543,145 | | 406,319 | | 190,643 | | (16,439) | | 1,123,668 | | | Income taxes | 1,663 | | (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 Annaly | 541,482 | | 397,037 | | 183,243 | | (16,437) | | 1,105,325 | | | Dividends on preferred stock | — | | — | | — | | 81,688 | | 81,688 | | | Net income (loss) available (related) to common stockholders | 541,482 | | 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 trades | 92,317 | | — | | 12,405 | | — | | 104,722 | | | Payable for unsettled trades | 262,764 | | 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 | | | Agency | Residential Credit | MSR | Corporate & Other | Consolidated | | (dollars in thousands) | | Interest income | $ | 1,762,467 | | $ | 972,316 | | $ | — | | $ | 1,218 | | $ | 2,736,001 | | | Interest expense | 1,449,569 | | 792,396 | | — | | 865 | | 2,242,830 | | | Net interest income | 312,898 | | 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 expenses | 33,867 | | 31,423 | | 18,636 | | 14,156 | | 98,082 | | | Income (loss) before income taxes | (140,746) | | 160,394 | | 192,452 | | (12,717) | | 199,383 | | | Income taxes | 160 | | (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 securities | 198,436 | | — | | — | | — | | 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 trades | 1,104,920 | | — | | 29,976 | | — | | 1,134,896 | | | Payable for unsettled trades | 1,479,249 | | — | | 59,277 | | — | | 1,538,526 | | | Net change in unrealized gains (losses) on available-for-sale securities, net of reclassification adjustment | 277,636 | | — | | — | | — | | 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 | | | | | | | |
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