Annaly Capital (NLY) Q4 Revenue Jumps 101% on Multi-Segment Strength, Beats Estimates

Annaly Capital Management (NYSE:NLY) reported Q4 2025 revenue of $1.06B, up 101% YoY, and non-GAAP EPS of $0.74, 1.4% above consensus. CEO David Finkelstein credited lower volatility, favorable bond markets, and disciplined capital allocation across agency MBS, residential credit, and MSR segments. The firm grew its portfolio 30% in 2025 while maintaining conservative leverage. Management plans to shift more capital toward residential credit and mortgage servicing rights, citing “optionality to invest in most accretive assets.” Agency MBS remains the anchor, but spread tightening demands selectivity. Key forward monitors: GSE policy impacts on MBS spreads, Onslow Bay securitization volume, and liquidity efficiency. NLY shares traded at $23.91 as of January 29, 2026.