Source: Company filings. Financial data as of December 31, 2025.
- Permanent capital represents Annaly’s total stockholders’ equity as of December 31, 2025.
- Total portfolio represents Annaly’s investments that are on-balance sheet as well as investments that are off-balance sheet in which Annaly has economic exposure. Assets exclude assets transferred or pledged to securitization vehicles of $32.1bn, include TBA purchase contracts (market value) of $3.3bn, include unsettled MSR commitments of $152mm, include $3.2bn of retained securities that are eliminated in consolidation and are shown net of participations issued totaling $1.9bn. MSR commitments represent the market value of deals where Annaly has executed a letter of intent. There can be no assurance whether these deals will close or when they will close.
- Capital allocation for each of the investment strategies is calculated as the difference between each investment strategy’s allocated assets, which include TBA purchase contracts, and liabilities.