$NLY · ANNALY CAPITAL MANAGEMENT INC

Annaly Capital Management filed an 8-K with its Q3 2026 earnings press release. The company reported a GAAP net loss of ($1.36) per average common share, driven by ($4.72B) in net losses on investments and other. Book value per common share declined to $17.86 from $20.15 sequentially. Earnings available for distribution (EAD) came in at $0.80 per share, exceeding the $0.75 quarterly dividend.

Extended-hours trading shows NLY at $18.35, up 0.33% from the regular close of $18.29. The modest positive reaction suggests the market is focusing on the $0.80 EAD covering the $0.75 dividend rather than the headline GAAP loss and book value decline.

Annaly's (7.6%) economic return and 11.4% book-value plunge show how even a disciplined, cycle-low-leverage mREIT gets hit when Agency MBS sell off — but the $0.80 EAD covering the dividend keeps the

Annaly's results reflect the broader pain in mortgage REITs during a quarter where fixed-income volatility hammered Agency MBS valuations. The (7.6%) economic return underscores the sector's sensitivity to rate moves, though EAD coverage of the dividend provides a relative bright spot versus peers.

Book value per share dropped 11.4% sequentially to $17.86, reflecting significant unrealized losses on the Agency MBS portfolio amid a challenging fixed-income quarter. GAAP leverage rose to 8.0x, reducing balance-sheet flexibility if volatility persists.