moneyheap
NLY · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is Annaly Capital Management Inc (NLY) stock moving?
No news items were published about NLY in the 14 days before Nov 10, 2026, so the view rests on the Q3 2026 results furnished on Oct 20 and on price action. The quarter was weak on a GAAP basis, with a $1.36 per share loss, a (7.6%) economic return and book value at $17.86, while GAAP leverage rose to 8.0x from 7.4x. Earnings available for distribution of $0.80 per share covered the $0.75 dividend, and management reported a record $7.4B of residential credit securitizations and $757M raised through the at-the-market program. The stock closed at $18.72 on Nov 10, about 4.8% above book value and roughly 2% above its Oct 22 close of $18.34. It traded in a tight $18.00 to $19.32 range over the last 30 days. The sharpest move came on Nov 4, when it rose 3.9% to $18.93 on 12.4M shares, and the gain has since partly reversed. No company-specific catalyst is visible for that move in the supplied data.
News behind the analysis
- Annaly Capital Management, Inc. Reports 3rd Quarter 2026 ResultsQ3 GAAP net loss of ($1.36) per share against EAD of $0.80 per share, with book value per common share at $17.86 and a declared $0.75 quarterly dividend. Economic return was (7.6%) and GAAP leverage rose to 8.0x.
- Annaly Capital Management Inc. Posts Q3 2026 Financial SupplementAnnaly furnished its financial supplement for the quarter ended September 30, 2026 on its investor website, with the presentation filed under Regulation FD.
About Annaly Capital Management. Inc.
Annaly Capital Management is one of the largest US mortgage real estate investment trusts (REITs). It is internally managed, meaning its own staff run it rather than an outside manager. Instead of owning buildings, it invests in mortgage-related assets across three strategies: Agency mortgage-backed securities, residential credit and mortgage servicing rights (MSRs), and it is known for a high dividend paid out of that income.
How it makes money
Annaly earns mostly net interest income, which is the gap between the yield on its mortgage assets and the cost of the money it borrows (mainly repo funding) to buy them, magnified by leverage. As of late 2026, about 55% of its capital (approximate) was in government-agency mortgage-backed securities. About 22% was in residential credit, which includes non-agency whole loans it buys through a correspondent lending channel and then securitizes, and about 22% was in MSRs (roughly $4.3B), which pay ongoing fees for servicing home loans. Because it is a REIT, it must pay out most of its taxable income as dividends, which were about $0.75 per quarter in 2026. It also regularly raises new capital by selling shares through an at-the-market program.
What usually moves NLY
- Interest-rate levels and Federal Reserve policy
- Spread between mortgage yields and Treasury/funding costs
- Interest-rate volatility and mortgage prepayment speeds
- Book value changes and dividend coverage
- Housing credit performance and mortgage origination volumes