ANNALY CAPITAL MANAGEMENT INC NLY
"Annaly," "we," "us," or "our" refers to Annaly Capital Management, Inc. and our wholly-owned subsidiaries, except where it is made clear that the term means only the parent company.
Refer to the section titled "Glossary of Terms" located at the end of Part II, Item 7. "Management's Discussion and Analysis of Financial Condition and Results of Operations." for definitions of certain of the commonly used terms in this annual report on Form 10-K.
We are a leading diversified capital manager with investment strategies across residential mortgage finance. Our principal business objective is to generate net income for distribution to our stockholders and optimize our returns through prudent management of our diversified investment strategies. We are an internally-managed Maryland corporation founded in 1997 that has elected to be taxed as a real estate investment trust ("REIT"). Our common stock is listed on the New York Stock Exchange under the symbol "NLY."
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| SG&A | $199.6M | $171.4M | $162.6M | $162.7M | $186.0M | $222.2M | $271.8M | $329.9M | $224.1M | $250.4M |
| Interest expense | $4.82B | $4.59B | $3.84B | $1.31B | $249.2M | $899.1M | $2.78B | $1.90B | $1.01B | $657.8M |
| Pre-tax income | $2.04B | $1.03B | -$1.60B | $1.77B | $2.40B | -$918.2M | -$2.17B | $51.8M | $1.58B | $1.43B |
| Income tax | $6.9M | $15.3M | $39.4M | $45.6M | $4.7M | $28.4M | $10.8M | $2.4M | $7.0M | $1.6M |
| Net income | $2.05B | $1.01B | -$1.64B | $1.73B | $2.40B | -$891.2M | -$2.16B | $54.4M | $1.57B | $1.43B |
| EPS, basic | 2.92 | 1.62 | -3.61 | 3.93 | 6.40 | -2.92 | -1.60 | -0.06 | 1.37 | 1.39 |
| EPS, diluted | 2.92 | 1.62 | -3.61 | 3.92 | 6.39 | -2.92 | -1.60 | -0.06 | 1.37 | 1.39 |
| Shares, diluted (wtd. avg.) | $641.0M | $522.7M | $494.5M | $411.6M | $357.1M | $353.7M | $1.43B | $1.21B | $1.07B | $970.1M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $2.04B | $1.49B | $1.41B | $1.58B | $1.34B | $1.24B | $1.85B | $1.74B | $706.6M | $1.54B |
| Goodwill | — | — | — | — | $0 | $71.8M | $71.8M | $71.8M | $71.8M | $71.8M |
| Other intangibles | $6.7M | $9.4M | $12.1M | $16.7M | $24.2M | $55.5M | $21.0M | $29.0M | $23.2M | $34.2M |
| Total assets | $135.61B | $103.56B | $93.23B | $81.85B | $76.76B | $88.46B | $130.30B | $105.79B | $101.76B | $87.91B |
| Long-term debt | — | — | — | — | — | $429.6M | $490.6M | — | $516.8M | $314.9M |
| Total liabilities | $119.45B | $90.86B | $81.88B | $70.48B | $63.57B | $74.43B | $114.50B | $91.67B | $86.89B | $75.33B |
| Retained earnings | -$13.16B | -$13.17B | -$12.62B | -$9.54B | -$9.65B | -$10.67B | -$8.31B | -$4.49B | -$2.96B | -$3.14B |
| Total equity | $16.09B | $12.61B | $11.35B | $11.37B | $13.20B | $14.02B | $15.80B | $14.12B | $14.87B | $12.58B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $692.9M | $3.31B | $2.37B | $5.37B | $3.08B | $528.0M | -$1.20B | $2.62B | $1.63B | $1.58B |
| Depreciation and amortisation | — | — | — | — | — | — | — | — | $17.3M | $21.9M |
| Investing cash flow | -$27.36B | -$14.98B | -$8.42B | -$14.53B | $4.90B | $40.35B | -$20.64B | -$908.4M | -$14.67B | -$2.06B |
| Financing cash flow | $27.22B | $11.75B | $5.88B | $9.39B | -$7.88B | -$41.49B | $21.96B | -$684.4M | $12.20B | $251.8M |
| Dividends paid | $494.9M | $375.9M | $1.52B | $1.52B | $1.36B | $1.48B | $1.69B | $1.54B | $1.35B | $1.22B |
| Buybacks | — | — | — | $0 | $0 | $209.4M | $223.6M | $0 | $0 | $102.7M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-052954.
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