NLY on NYSE

Annaly Capital Management

American real estate investment firm

Annaly Capital Management, Inc. is one of the largest mortgage real estate investment trusts. It is organized in Maryland with its principal office in New York City. The company borrows money, primarily via short term repurchase agreements, and reinvests the proceeds in asset-backed securities.3 Its shares trade on NYSE under the symbol NLY.1 Wikipedia text CC BY-SA 4.0

Price unavailable

Last updated Oct 21, 2026.

Overview

1997Founded1

Compare with another stock.

  • TickerNLY on NYSE1
  • Industryreal estate investment trust1
  • HeadquartersNew York City1
  • Websitewww.annaly.com
  • Incorporated inMD5
  • Business address1211 Avenue Of The Americas, New York, Ny 100365
  • Filer categoryLarge accelerated filer5
  • Legal formStock Corporation4
  • LEI2DTL0G3FPRYUT58TI0254
  • StatusActive4
  • LEI statusIssued and current4
  • Registered addressC/O CSC-LAWYERS INCORPORATING SERVICE COMPANY, 21202 Baltimore, United States4
  • Registered withBusiness Services (Maryland Department of Assessments and Taxation), D045499784
1211 Avenue of the Americas
Photo: Coolcaesar at English Wikipedia, CC BY-SA 3.0, via Wikimedia Commons12

Annaly Capital Management, Inc. is one of the largest mortgage real estate investment trusts. It is organized in Maryland with its principal office in New York City.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Financial statements

Net income1314151617$2.0B in 2025
-$4.0B-$2.0B0$2.0B$4.0B2019: -$2.2B-$2.2B20192020: -$891.2M-$891.2M2020−59%2021: $2.4B$2.4B20212022: $1.7B$1.7B2022−28%2023: -$1.6B-$1.6B20232024: $1.0B$1.0B20242025: $2.0B$2.0B2025+102%

Every line of the income statement as filed: the last 3 fiscal years, latest first.17

Period ending2025-12-312024-12-312023-12-31
Interest income$6.0B$4.8B$3.7B
Interest expense$4.8B$4.6B$3.8B
Net interest income$1.1B$247.8M-$111.4M
Servicing and related income$579.6M$485.4M$364.2M
Servicing and related expense$60.3M$49.5M$37.7M
Net servicing income$519.3M$435.9M$326.5M
Net gains (losses) on investments and other$1.7B-$1.8B-$2.1B
Net gains (losses) on derivatives-$1.2B$2.3B$400.1M
Loan loss (provision) reversal$0$0$219.0K
Other, net$51.1M$94.9M$73.7M
Total other income (loss)$589.6M$514.7M-$1.7B
Compensation expense$151.6M$130.4M$119.6M
Other general and administrative expenses$48.1M$41.0M$43.0M
Total general and administrative expenses$199.6M$171.4M$162.6M
Income (loss) before income taxes$2.0B$1.0B-$1.6B
Income taxes-$6.9M$15.3M$39.4M
Net income (loss)$2.1B$1.0B-$1.6B
Net income (loss) attributable to noncontrolling interests$24.4M$9.9M$4.7M
Net income (loss) attributable to Annaly$2.0B$1.0B-$1.6B
Dividends on preferred stock$157.9M$154.6M$141.7M
Net income (loss) available (related) to common stockholders$1.9B$847.4M-$1.8B
Basic (in dollars per share)$2.92$1.62-$3.61
Diluted (in dollars per share)$2.92$1.62-$3.61
Basic (in shares)639.5M shares521.7M shares494.5M shares
Diluted (in shares)641.0M shares522.7M shares494.5M shares
Unrealized gains (losses) on available-for-sale securities$386.7M-$244.3M$580.7M
Reclassification adjustment for net (gains) losses included in net income (loss)$142.4M$562.0M$1.8B
Other comprehensive income (loss)$529.1M$317.7M$2.4B
Comprehensive income (loss)$2.6B$1.3B$735.0M
Comprehensive income (loss) attributable to noncontrolling interests$24.4M$9.9M$4.7M
Comprehensive income (loss) attributable to Annaly$2.6B$1.3B$730.3M
Comprehensive income (loss) attributable to common stockholders$2.4B$1.2B$588.6M

Compare Annaly Capital Management with another company

Corporate structure

Annaly Capital Management sits at the top of its group. 11 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Annaly Capital Management

  • VANGUARD CAPITAL MANAGEMENT LLC Filed SCHEDULE 13G on Annaly Capital Management, latest Apr 29, 2026
  • VANGUARD GROUP INC Filed SCHEDULE 13G/A on Annaly Capital Management, latest Mar 26, 2026 (4 filings since Feb 9, 2022)
  • PRICE T ROWE ASSOCIATES INC /MD/ Filed SCHEDULE 13G/A on Annaly Capital Management, latest Nov 14, 2025 (2 filings since Nov 14, 2024)
  • BlackRock Filed SC 13G/A on Annaly Capital Management, latest Jan 24, 2024 (5 filings since Feb 1, 2022)
  • Annaly Capital Management Baltimore, Maryland, United States
    • Annaly Credit Opportunities Management LLC New York, New York, United States
      • ANNALY RESI-CREDIT FUND LP Fund · New York, New York, United States
      • OBX MBS Fund LP Fund · New York, New York, United States
    • ANNALY TRS, INC. New York, New York, United States
      • ANNALY CAPITAL FUND ADVISORS LLC Subsidiary · New York, New York, United States
    • ARCOLA SECURITIES, INC. Baltimore, Maryland, United States
    • Onslow Bay Financial LLC New York, New York, United States
    • ANNALY TESPA INVESTOR LLC Subsidiary · New York, New York, United States
    • SLATE 3190 FAIRVIEW LLC Subsidiary · New York, New York, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Annaly Capital Management reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Operating-lease assets (leased space)$26.5M17 Dec 31, 2025$27.9M16 Dec 31, 2024−5.0%

Investments

ItemLatestA year beforeChange
Loans, net of allowance$5.0B17 Dec 31, 2025$3.5B17 Dec 31, 2024+41.6%

Intangibles and goodwill

ItemLatestA year beforeChange
Intangible assets, net (excluding goodwill)$6.7M17 Dec 31, 2025$9.4M17 Dec 31, 2024−28.6%

Properties, in its own words

Our executive and administrative office is located at 1211 Avenue of the Americas New York, New York 10036, telephone 212-696-0100. This office is leased under a non-cancelable lease expiring May 31, 2042.

Item 2 of the 10-K filed Feb 12, 2026.23

The story

Annaly Capital Management was founded in 1997 by Michael A.J. Farrell (1951-2012) and Wellington Denahan. Mike Farrell spent 26 years working for investment banks including E.F. Hutton & Co., Morgan Stanley, and Merrill Lynch.

In 2004, the company acquired Fixed Income Discount Advisory, an investment adviser, for $40.5 million in stock.

In October 2012, co-founder Wellington Denahan became CEO after Michael Farrell was diagnosed with cancer; Farrell died that month.

In 2013, the company acquired CreXus Investment for $996 million.

Effective September 30, 2015, Kevin Keyes was named CEO of the company.

In 2016, the company acquired Hatteras Financial for $1.5 billion in cash and stock.

In 2017, the company sold its Pingora servicing subsidiary.

In March 2020, David L. Finkelstein was named Chief Executive Officer and a member of the Board.

From Wikipedia’s article on Annaly Capital Management, shared under CC BY-SA 4.0.6

Leadership

Who has led Annaly Capital Management, and when. Pick a name to see everywhere that person has worked.

Board members and other officers (34)

Subsidiaries and ownership

Also consolidated

Subsidiaries (Exhibit 21)

Ownership links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); each one cites its LEI record. The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • ANNALY MORTGAGE MANAGEMENT INCOct 8, 1997 to Aug 3, 20065

Timeline

  1. Oct 2, 20268-K Change to shareholders' rights; Bylaws or fiscal year changed68
  2. Aug 19, 20268-K Regulation FD disclosure; Other events69
  3. Jul 21, 20268-K Results of operations70
  4. Jul 21, 20268-K Other events71
  5. Jul 21, 20268-K Regulation FD disclosure72
  6. Jun 11, 20268-K Shareholder vote73
  7. Apr 21, 20268-K Results of operations74
  8. Apr 21, 20268-K Other events75
  9. Apr 21, 20268-K Regulation FD disclosure76
  10. Jan 28, 20268-K Results of operations77
  11. Jan 28, 20268-K Other events78
  12. Jan 28, 20268-K Regulation FD disclosure79
  13. May 4, 2020New chief executive David L. Finkelstein becomes CEO25
  14. Jan 10, 2020New chief executive Glenn Votek becomes CEO24
  15. Feb 11, 2016New chief executive Kevin Keyes becomes CEO26
  16. Feb 13, 2013New chief executive Wellington Denahan becomes CEO27
  17. 1997Founded Founded1

Calendar

When it reported results

  1. Jul 21, 2026Reported quarterly or annual results70
  2. Apr 21, 2026Reported quarterly or annual results74
  3. Jan 28, 2026Reported quarterly or annual results77
  4. Oct 22, 2025Reported quarterly or annual results80
  5. Jul 23, 2025Reported quarterly or annual results81
  6. Apr 30, 2025Reported quarterly or annual results82
  7. Jan 29, 2025Reported quarterly or annual results83
  8. Oct 23, 2024Reported quarterly or annual results84

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

305 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 95 major events, 125 insider forms, 12 large holders, 53 other. The latest 20:

  1. Oct 2, 20268-K EDGAR
  2. Oct 1, 202625-NSE EDGAR
  3. Aug 19, 20268-K EDGAR
  4. Aug 4, 20264 EDGAR
  5. Aug 3, 2026144 EDGAR
  6. Jul 29, 202610-Q EDGAR
  7. Jul 21, 20268-K EDGAR
  8. Jul 21, 20268-K EDGAR
  9. Jul 21, 20268-K EDGAR
  10. Jun 12, 20264 EDGAR
  11. Jun 12, 20264 EDGAR
  12. Jun 12, 20264 EDGAR
  13. Jun 12, 20264 EDGAR
  14. Jun 12, 20264 EDGAR
  15. Jun 12, 20264 EDGAR
  16. Jun 12, 20264 EDGAR
  17. Jun 12, 20264 EDGAR
  18. Jun 11, 20268-K EDGAR
  19. May 18, 20264 EDGAR
  20. May 5, 20264 EDGAR

The 305 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

21 open-market trades by officers, directors and large owners since October 2021: 1 buys and 20 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Aug 3, 2026Finkelstein David LCEO and Co-CIOSale50,000$22.89$1.1MForm 4
May 4, 2026Wolfe SerenaChief Financial OfficerSale16,537$22.48$371.8KForm 4
Apr 27, 2026Finkelstein David LCEO and Co-CIOSale50,000$22.88$1.1MForm 4
Feb 25, 2026Campbell Steven FrancisPresident and COOSale26,491$22.83$604.8KForm 4
Feb 18, 2026Wolfe SerenaChief Financial OfficerSale16,536$23.14$382.6KForm 4
Feb 18, 2026Finkelstein David LCEO and Co-CIOSale50,000$23.13$1.2MForm 4
Feb 18, 2026Campbell Steven FrancisPresident and COOSale28,225$23.12$652.6KForm 4
Nov 3, 2025Green Anthony CChief Corporate Officer, CLOSale22,499$21.15$475.9KForm 4
Nov 3, 2025Finkelstein David LCEO and Co-CIOSale50,000$21.16$1.1MForm 4
Aug 6, 2025Green Anthony CChief Corporate Officer, CLOSale22,500$20.59$463.3KForm 4
Aug 4, 2025Finkelstein David LCEO and Co-CIOSale50,000$20.79$1.0MForm 4
May 13, 2025Campbell Steven FrancisPresident and COOSale44,374$19.57$868.4KForm 4
May 13, 2025Wolfe SerenaChief Financial OfficerSale25,386$19.57$496.8KForm 4
May 5, 2025Finkelstein David LCEO and Co-CIOSale50,000$19.27$963.5KForm 4
Feb 10, 2025Finkelstein David LCEO and Co-CIOSale50,000$20.60$1.0MForm 4
Oct 28, 2024Finkelstein David LCEO and Co-CIOSale50,000$19.25$962.5KForm 4
Aug 16, 2024Finkelstein David LCEO and Co-CIOSale50,000$20.05$1.0MForm 4
Aug 16, 2024Green Anthony CChief Corporate Officer, CLOSale50,000$20.05$1.0MForm 4
Feb 12, 2024Finkelstein David LCEO and Co-CIOSale50,000$19.03$951.5KForm 4
Nov 6, 2023Finkelstein David LCEO and Co-CIOSale50,000$17.04$852.0KForm 4

All 21 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025David L. Finkelstein53$1.0M89
2025Anthony C. Green$750.0K89
2025Serena Wolfe46$750.0K89
2025Steven F. Campbell54$750.0K89
2024David L. Finkelstein53$1.0M$19.0M89
2024Steven F. Campbell54$750.0K$6.9M89
2024Serena Wolfe46$750.0K$6.2M89
2024Anthony C. Green$750.0K$5.3M89
2023David L. Finkelstein53$1.0M$16.7M89
2023Steven F. Campbell54$750.0K$6.2M89
2023Serena Wolfe46$750.0K$5.4M89
2023Anthony C. Green$750.0K$4.8M89

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.87,219,586$2.0B0.0%+5,485,296
Vanguard Capital Management LLC32,900,428$735.7M0.0%+886,840
Vanguard Portfolio Management LLC31,250,997$698.8M0.0%+481,961
State Street Corp29,426,379$679.5M0.0%+1,272,235
Geode Capital Management, LLC20,823,764$465.1M0.0%+873,715
Fmr LLC14,288,182$319.5M0.0%+41,442
Allspring Global Investments Holdings, LLC11,536,667$256.1M0.4%−1,953,907
Norges Bank8,994,042$201.1M0.0%New
Northern Trust Corp7,758,697$173.5M0.0%+319,479
Invesco Ltd.7,724,098$172.7M0.0%+969,593
Citadel Advisors LLC6,741,186$150.7M0.1%+3,665,422
Morgan Stanley6,636,749$148.4M0.0%+160,943
Jpmorgan Chase & Co5,961,247$138.0M0.0%+530,004
Charles Schwab Investment Management Inc5,427,809$121.4M0.0%+190,187
Ameriprise Financial Inc5,030,245$112.5M0.0%+1,467,637
Bank of New York Mellon Corp4,801,781$107.4M0.0%−160,909
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC4,754,528$106.3M0.0%−502,886
Vanguard Fiduciary Trust Co4,626,296$103.4M0.0%+179,886
D. E. Shaw & Co., Inc.3,941,485$88.1M0.1%−1,957,840
Van Eck Associates Corp3,098,157$69.3M0.0%+208,506
Advisors Capital Management, LLC2,985,668$66.8M0.7%+70,196
Amundi2,821,769$63.1M0.0%−539,442
PFA Pension, Forsikringsaktieselskab2,748,669$61.5M0.2%−15,383
Bank Of America Corp /de/2,728,647$61.0M0.0%+158,607
Legal & General Group Plc2,527,626$56.5M0.0%+396,328

13F reports cover disclosed long positions in U.S. stocks only.

Members of Congress who traded it

4 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

DateMemberTradeAmountVs S&P sinceFiling
Apr 21, 2025John KennedyRepublican, SenateBuy$1,001 - $15,000Report
Mar 6, 2023Daniel S. GoldmanDemocratic, HouseSale$1,001 - $15,000+100.2%Report
Mar 1, 2023Daniel S. GoldmanDemocratic, HouseSale$1,001 - $15,000+104.0%Report
Jan 8, 2020Bob Gibbs, HouseBuy$1,001 - $15,000−189.1%Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

SEC filer profile

How Annaly Capital Management is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARANNALY CAPITAL MANAGEMENT INC2
  • CIK0001043219
  • Employer ID (EIN)22-347966123
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company23
  • Incorporated inMaryland23
  • Fiscal year endsDecember 312
  • Industry code (SIC)6798 Real Estate Investment Trusts2
  • SEC reviewing officeOffice of Real Estate & Construction, Division of Corporation Finance2
  • Business address1211 Avenue Of The Americas, New York, NY 100362
  • Phone212 696 01002
  • Shares outstanding753,714,442 as of Jul 24, 202620
  • Public float$12.1B as of Jun 30, 202523
  • AuditorErnst & Young LLP, New York, New York PCAOB ID 42; it also attests to the company’s internal control over financial reporting23
  • On EDGAR sinceAug 5, 19972
  • Filings1,836 in all: 4 (600), 8-K (380), 5 (229), 10-Q (87), 424B5 (64), SC 13G/A (40), DEFA14A (39), UPLOAD (30)2
    All 56 form types

    10-K (29), DEF 14A (29), 3 (26), CORRESP (25), 424B3 (23), SC TO-T/A (21), 424B2 (19), 425 (18), SC 13G (18), S-3ASR (16), 144 (13), FWP (11), SC 13D/A (11), 8-A12B (10), PRE 14A (9), 8-K/A (7), ARS (7), 25-NSE (6), 4/A (6), S-3 (6), CERTNYS (5), S-4/A (5), CERT (4), S-3/A (4), S-11/A (3), S-4 (3), SC 13D (3), SC TO-T (3), 10-K/A (2), 10-Q/A (2), EFFECT (2), POS AM (2), S-3MEF (2), S-8 (2), SCHEDULE 13G/A (2), 144/A (1), 8-A12G (1), DEFM14A (1), PREM14A (1), PRER14A (1), REGDEX (1), RW (1), S-11 (1), S-11MEF (1), S-8 POS (1), SC TO-C (1), SC TO-I (1), SCHEDULE 13G (1)

  • Latest filingsAnnual report (10-K) Feb 12, 2026
    Quarterly report (10-Q) Jul 29, 2026
    Proxy statement (DEF 14A) Apr 30, 2026
    Latest 8-K (8-K) Oct 2, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, par value $0.01 per shareNLYNew York Stock Exchange
6.95% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred StockNLY.FNew York Stock Exchange
6.50% Series G Fixed-to-Floating Rate Cumulative Redeemable Preferred StockNLY.GNew York Stock Exchange
6.75% Series I Fixed-to-Floating Rate Cumulative Redeemable Preferred StockNLY.INew York Stock Exchange
8.875% Series J Fixed-Rate Cumulative Redeemable Preferred StockNLY.JNew York Stock Exchange

From the cover page of the 10-K filed Feb 12, 2026 (Section 12(b) of the Exchange Act).23

Risk factors and legal proceedings

The risks Annaly Capital Management names in Item 1A of its 10-K filed Feb 12, 2026: 79 risks under these headings, as written.23

  • INDEX TO ITEM 1A. RISK FACTORS
  • Our strategy involves the use of leverage, which increases the risk that we may incur substantial losses.
  • Our use of leverage may result in margin calls and defaults and force us to sell assets under adverse market conditions.
  • We may exceed our overall Company target leverage ratios.
  • We may not be able to consistently achieve our optimal leverage.
  • Failure to procure or renew funding on favorable terms, or at all, affects our results and financial condition.
  • Effectively managing our liquidity affects our results and financial condition.
  • Volatile market conditions for our assets can result in contraction in liquidity for those assets and the related financing.
  • An increase in the interest payments on our borrowings relative to the interest we earn on our interest earning assets adversely affects our profitability.
  • Differences in timing of interest rate adjustments on our interest earning assets and our borrowings affect our profitability.
  • It may be uneconomical to “roll” our TBA dollar roll transactions or we may be unable to meet margin calls on our TBA contracts.
  • Our use of derivatives exposes us to counterparty and liquidity risks.
The other 68 risks
  • Securitizations expose us to additional risks.
  • Our use of non-recourse securitizations exposes us to risks which could result in losses to us.
  • Counterparties may require us to enter into restrictive covenants.
  • We may be unable to profitably execute or participate in future securitization transactions.
  • Our charter does not permit ownership of over 9.8% in number of shares or value of our common stock or any class of our preferred stock.
  • Provisions contained in Maryland law have anti-takeover effects, potentially preventing investors from receiving a “control premium” for their shares.
  • We have not established a minimum dividend payment level and cannot assure stockholders of our ability to pay dividends in the future.
  • Our reported GAAP financial results may not be an accurate indicator of future taxable income and dividend distributions.
  • Accounting rules related to certain of our transactions are highly complex and involve significant judgment and assumptions. Our application of GAAP produces financial results that fluctuate from one period to another.
  • Any new laws, regulations or administrative actions modifying the relationship between Fannie Mae, Freddie Mac and the federal government could affect our business model or business operations.
  • The Truth in Lending Act or other similar consumer protection laws and regulations expose an owner of whole mortgage loans and mortgage servicing rights to potential civil and administrative liability.
  • Our Residential Credit and MSR businesses are subject to complex and evolving legal and regulatory requirements, including how we oversee and are responsible for the actions of our third-party service providers, which exposes us to increased compliance, legal, and regulatory risk.
  • Changes in laws or regulations governing our operations or our failure to comply with those laws or regulations affects our business.
  • Evolving environmental, social and governance-related disclosure requirements and climate-related risks could adversely affect our business and results of operations.
  • We are subject to complex and evolving laws, regulations, rules, standards and contractual obligations regarding data privacy and security, which increases the cost of doing business, compliance risks and potential liability.
  • We are subject to risks and liabilities in connection with sponsoring, investing in and managing new funds and other investment accounts, including potential regulatory risks.
  • Loss of our Investment Company Act exemption from registration would adversely affect us.
  • Our failure to maintain our qualification as a REIT would have adverse tax consequences.
  • Our distribution requirements limit our flexibility and could affect our ability to execute our business plan.
  • Distributions to tax-exempt investors may be classified as unrelated business taxable income.
  • We have flexibility to pay dividends in our own stock.
  • Our TRSs cannot constitute more than 25% of our total assets.
  • TRSs are subject to tax at the regular corporate rates, are not required to distribute dividends, and the amount of dividends a TRS can pay to its parent REIT may be limited by REIT gross income tests.
  • If transactions between a REIT and a TRS are entered into on other than arm’s-length terms, the REIT may be subject to a penalty tax.
  • Even if we remain qualified as a REIT, we may face other tax liabilities that reduce our cash flow.
  • Complying with REIT requirements may cause us to forgo otherwise attractive opportunities and may force us to liquidate otherwise attractive investments.
  • Liquidation of assets may jeopardize our REIT qualification or create additional tax liability for us.
  • The failure of assets subject to repurchase agreements to qualify as real estate assets could adversely affect our ability to remain qualified as a REIT.
  • Complying with REIT requirements may limit our ability to hedge effectively and may cause us to incur tax liabilities.
  • Qualifying as a REIT involves highly technical and complex provisions of the Code.
  • The tax on prohibited transactions limits our ability to engage in certain transactions.
  • Certain financing activities may subject us to U.S. federal income tax and could have negative tax consequences for our stockholders.
  • Uncertainty exists with respect to the treatment of our TBAs for purposes of the REIT asset and income tests.
  • Dividends payable by REITs generally receive different tax treatment than dividend income from regular corporations.
  • New legislation or administrative or judicial action, in each instance potentially with retroactive effect, could make it more difficult or impossible for us to remain qualified as a REIT.
  • The soundness of our counterparties and other financial institutions affects us.
  • We are subject to counterparty risk and may be unable to seek indemnity or require counterparties to repurchase residential whole loans if they breach representations and warranties, which could cause us to suffer losses.
  • Our rights under our repurchase and derivative agreements are subject to the effects of the bankruptcy laws in the event of the bankruptcy or insolvency of us or our lenders.
  • We may experience declines in the market value of our assets.
  • Investments in MSR expose us to additional risks.
  • A prolonged economic slowdown or declining real estate values could impair the assets we may own.
  • An increase in interest rates adversely affects the market value of our interest earning assets and, therefore, also our book value.
  • Actions by the Federal Reserve may affect the price and returns of our assets.
  • We invest in securities that are subject to mortgage credit risk.
  • Our investments in real estate and other securities are subject to changes in credit spreads as well as available market liquidity, which affect our ability to realize gains on the sale of such investments.
  • Geographic concentration exposes investors to greater risk of default and loss.
  • Inadequate property insurance coverage impacts on our operating results.
  • Our assets may become non-performing or sub-performing assets in the future.
  • We may be required to repurchase residential mortgage loans or indemnify investors if we breach representations and warranties.
  • Our and our third party service providers’ and servicers’ due diligence of potential assets may not reveal all weaknesses in such assets.
  • When we foreclose on an asset, we may come to own the property securing the loan.
  • Proposals to acquire mortgage loans by eminent domain may adversely affect the value of our assets.
  • Subordinated tranches of non-Agency mortgage-backed securities are subordinate in right of payment to more senior securities.
  • Our hedging strategies may be costly, and may not hedge our risks as intended.
  • We are subject to risks of loss from weather conditions, man-made or natural disasters and the direct and indirect effects of climate change.
  • Reliance on inaccurate models or the data used by models exposes us to risk.
  • We are highly dependent on information systems and networks, many of which are operated by third parties.
  • Cyberattacks or other information security breaches of our Company's, service providers' or counterparties' systems or networks affect our business, reputation and financial condition.
  • We may utilize artificial intelligence, which exposes us to liability and affects our business.
  • We depend on third party service providers, including mortgage loan servicers and sub-servicers, for a variety of services related to our business.
  • Our investments in residential whole loans subject us to servicing-related risks.
  • The performance of loans underlying our MSR related assets is affected by the performance of the related mortgage servicer.
  • We are subject to prepayment rate risk.
  • We are subject to reinvestment risk.
  • Competition may affect availability and pricing of our target assets.
  • We may enter into new lines of business, acquire other companies or engage in other strategic initiatives, each of which may result in additional risks and uncertainties in our businesses.
  • Some of our investments, including those related to non-prime loans, involve credit risk.
  • Any inability to attract, motivate and retain qualified talent, including our key personnel, affects us.

Legal proceedings

From time to time, we are involved in various claims and legal actions arising in the ordinary course of business. As of December 31, 2025, we were not party to any pending material legal proceedings and we are not aware of any contemplated material proceedings by governmental authorities.

The opening of Item 3, Legal Proceedings.23

Sources

The numbers on this page point here. Each one links to the record it came from.

  1. 1
  2. 2
  3. 3
  4. 4
  5. 5
  6. 6
  7. 7
  8. 8
  9. 9
  10. 10
  11. 11
  12. 12
  13. 13
  14. 14
  15. 15
  16. 16
  17. 17
  18. 18
  19. 19
  20. 20
  21. 21
  22. 22
  23. 23
  24. 24
  25. 25
  26. 26
  27. 27
  28. 28
  29. 29
  30. 30
  31. 31
  32. 32
  33. 33
  34. 34
  35. 35
  36. 36
  37. 37
  38. 38
  39. 39
  40. 40
  41. 41
  42. 42
  43. 43
  44. 44
  45. 45
  46. 46
  47. 47
  48. 48
  49. 49
  50. 50
  51. 51
  52. 52
  53. 53
  54. 54
  55. 55
  56. 56
  57. 57
  58. 58
  59. 59
  60. 60
  61. 61
  62. 62
  63. 63
  64. 64
  65. 65
  66. 66
  67. 67
  68. 68
  69. 69
  70. 70
  71. 71
    SEC EDGAROther events
  72. 72
  73. 73
  74. 74
  75. 75
    SEC EDGAROther events
  76. 76
  77. 77
  78. 78
    SEC EDGAROther events
  79. 79
  80. 80
  81. 81
  82. 82
  83. 83
  84. 84
  85. 85
  86. 86
  87. 87
  88. 88
  89. 89