v3.26.1
COVER PAGE - shares
 6 Months Ended
Jun. 30, 2026
Jul. 24, 2026
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2026  
Document Transition Report false  
Entity File Number 1-13447  
Entity Registrant Name ANNALY CAPITAL MANAGEMENT INC  
Entity Incorporation, State or Country Code MD  
Entity Tax Identification Number 22-3479661  
Entity Address, Address Line One 1211 Avenue of the Americas  
Entity Address, City or Town New York,  
Entity Address, State or Province NY  
Entity Address, Postal Zip Code 10036  
City Area Code 212  
Local Phone Number 696-0100  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   753,714,442
Amendment Flag false  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q2  
Entity Central Index Key 0001043219  
Current Fiscal Year End Date --12-31  
Common Stock, par value $0.01 per share    
Document Information [Line Items]    
Title of Each Class Common Stock, par value $0.01 per share  
Trading Symbol NLY  
Name of Each Exchange on Which Registered NYSE  
6.95% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock    
Document Information [Line Items]    
Title of Each Class 6.95% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock  
Trading Symbol NLY.F  
Name of Each Exchange on Which Registered NYSE  
6.50% Series G Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock    
Document Information [Line Items]    
Title of Each Class 6.50% Series G Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock  
Trading Symbol NLY.G  
Name of Each Exchange on Which Registered NYSE  
6.75% Series I Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock    
Document Information [Line Items]    
Title of Each Class 6.75% Series I Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock  
Trading Symbol NLY.I  
Name of Each Exchange on Which Registered NYSE  
8.875% Series J Fixed-Rate Cumulative Redeemable Preferred Stock    
Document Information [Line Items]    
Title of Each Class 8.875% Series J Fixed-Rate Cumulative Redeemable Preferred Stock  
Trading Symbol NLY.J  
Name of Each Exchange on Which Registered NYSE  
v3.26.1
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Assets    
Cash and cash equivalents (includes pledged assets of $2,546,553 and $1,683,059, respectively) [1] $ 2,912,086 $ 2,037,838 [2]
Securities (includes pledged assets of $83,286,913 and $82,809,634, respectively) [3] 89,515,485 91,287,630 [2]
Loans, net (includes pledged assets of $6,885,511 and $4,590,517, respectively) [4] 7,280,979 5,020,784 [2]
Mortgage servicing rights (includes pledged assets of $3,472,452 and $3,541,414, respectively) 4,089,485 3,645,865 [2]
Interests in MSR 106,775 28,626 [2]
Assets transferred or pledged to securitization vehicles 38,256,690 32,067,433 [2]
Derivative assets 81,784 115,533 [2]
Reverse repurchase agreements 33,047 34,389
Receivable for unsettled trades 104,722 1,031 [2]
Principal and interest receivable 846,548 926,660 [2]
Intangible assets, net 5,380 6,726 [2]
Other assets 508,195 437,323 [2]
Total assets 143,741,176 135,609,838 [2]
Liabilities    
Repurchase agreements 86,895,874 81,865,723 [2]
Other secured financing 1,125,000 1,075,000 [2]
Debt issued by securitization vehicles 34,366,098 28,918,753 [2]
Participations issued 2,553,709 1,932,655 [2]
U.S. Treasury securities sold, not yet purchased 0 2,396,724 [2]
Derivative liabilities 247,968 53,755 [2]
Payable for unsettled trades 331,586 2,059,386 [2]
Interest payable 420,764 380,688 [2]
Dividends payable 562,931 494,881 [2]
Other liabilities 258,870 272,362 [2]
Total liabilities 126,762,800 119,449,927 [2]
Stockholders’ equity    
Preferred stock, par value $0.01 per share, 75,000,000 authorized, 74,500,000 issued and outstanding 1,802,480 1,802,480 [2]
Common stock, par value $0.01 per share, 1,456,750,000 authorized, 750,574,308 and 706,972,452 issued and outstanding, respectively 7,506 7,070 [2]
Additional paid-in capital 28,886,263 27,927,113 [2]
Accumulated other comprehensive income (loss) (557,014) (488,566) [2]
Accumulated deficit (13,213,859) (13,157,325) [2]
Total stockholders’ equity 16,925,376 16,090,772 [2]
Noncontrolling interests 53,000 69,139 [2]
Total equity 16,978,376 16,159,911 [2]
Total liabilities and equity $ 143,741,176 $ 135,609,838 [2]
[1]
(2)Includes cash of consolidated Variable Interest Entities (“VIEs”) of $8.3 million and $4.1 million at June 30, 2026 and December 31, 2025, respectively.
[2]
(1)Derived from the audited consolidated financial statements at December 31, 2025.
[3]
(3)Excludes $3.7 billion and $3.1 billion at June 30, 2026 and December 31, 2025, respectively, of non-Agency mortgage-backed securities in consolidated VIEs pledged as collateral and eliminated from the Company’s Consolidated Statements of Financial Condition. 
[4]
(4)Includes $2.1 million and $37.1 million of residential mortgage loans held for sale at June 30, 2026 and December 31, 2025, respectively.
v3.26.1
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Pledged assets included in cash and cash equivalents $ 2,546,553 $ 1,683,059
Pledged assets in securities [1] 89,515,485 91,287,630 [2]
Pledged assets in loans, net [3] 7,280,979 5,020,784 [2]
Pledged assets included in mortgage servicing rights $ 4,089,485 $ 3,645,865 [2]
Preferred stock, par value (USD per share) $ 0.01 $ 0.01
Preferred stock authorized (shares) 75,000,000 75,000,000
Preferred stock issued (shares) 74,500,000 74,500,000
Preferred stock outstanding (shares) 74,500,000 74,500,000
Common stock, par value (USD per share) $ 0.01 $ 0.01
Common stock authorized (shares) 1,456,750,000 1,456,750,000
Common stock issued (shares) 750,574,308 706,972,452
Common stock outstanding (shares) 750,574,308 706,972,452
Non-Agency Mortgage-Backed Securities    
Mortgage-backed securities $ 1,565,016 $ 1,445,176
Residential Mortgage Loans    
Loans held-for-sale 2,100 37,100
Consolidated VIEs    
Cash and cash equivalent 8,300 4,100
Consolidated VIEs | Non-Agency Mortgage-Backed Securities    
Mortgage-backed securities 3,700,000 3,100,000
Asset Pledged as Collateral    
Pledged assets in securities 83,286,913 82,809,634
Pledged assets in loans, net 6,885,511 4,590,517
Pledged assets included in mortgage servicing rights $ 3,472,452 $ 3,541,414
[1]
(3)Excludes $3.7 billion and $3.1 billion at June 30, 2026 and December 31, 2025, respectively, of non-Agency mortgage-backed securities in consolidated VIEs pledged as collateral and eliminated from the Company’s Consolidated Statements of Financial Condition. 
[2]
(1)Derived from the audited consolidated financial statements at December 31, 2025.
[3]
(4)Includes $2.1 million and $37.1 million of residential mortgage loans held for sale at June 30, 2026 and December 31, 2025, respectively.
v3.26.1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Net interest income        
Interest income $ 1,812,198 $ 1,418,893 $ 3,537,128 $ 2,736,001
Interest expense 1,324,005 1,145,693 2,596,244 2,242,830
Net interest income 488,193 273,200 940,884 493,171
Net servicing income        
Servicing and related income 175,059 141,670 334,192 282,105
Servicing and related expense 17,835 14,571 34,415 28,684
Net servicing income 157,224 127,099 299,777 253,421
Other income (loss)        
Net gains (losses) on investments and other (318,503) 83,503 (990,622) 894,315
Net gains (losses) on derivatives 552,426 (388,785) 961,538 (1,366,652)
Other, net 13,521 15,812 22,844 23,210
Total other income (loss) 247,444 (289,470) (6,240) (449,127)
General and administrative expenses        
Compensation expense 44,640 36,583 86,024 73,880
Other general and administrative expenses 13,549 13,435 24,729 24,202
Total general and administrative expenses 58,189 50,018 110,753 98,082
Income (loss) before income taxes 834,672 60,811 1,123,668 199,383
Income taxes 6,899 440 5,380 8,707
Net income (loss) 827,773 60,371 1,118,288 190,676
Net income (loss) attributable to noncontrolling interests 5,100 3,272 12,963 9,353
Net income (loss) attributable to Annaly 822,673 57,099 1,105,325 181,323
Dividends on preferred stock 41,036 37,260 81,688 74,417
Net income (loss) available (related) to common stockholders $ 781,637 $ 19,839 $ 1,023,637 $ 106,906
Net income (loss) per share available (related) to common stockholders        
Basic (in dollars per share) $ 1.06 $ 0.03 $ 1.40 $ 0.18
Diluted (in dollars per share) $ 1.06 $ 0.03 $ 1.40 $ 0.18
Weighted average number of common shares outstanding        
Basic (in shares) 738,926,270 620,208,712 730,798,630 603,770,531
Diluted (in shares) 740,256,247 621,103,218 732,317,721 604,882,295
Other comprehensive income (loss)        
Net income (loss) $ 827,773 $ 60,371 $ 1,118,288 $ 190,676
Unrealized gains (losses) on available-for-sale securities (23,400) 33,559 (68,448) 198,436
Reclassification adjustment for net (gains) losses included in net income (loss) 0 13,797 0 79,200
Other comprehensive income (loss) (23,400) 47,356 (68,448) 277,636
Comprehensive income (loss) 804,373 107,727 1,049,840 468,312
Comprehensive income (loss) attributable to noncontrolling interests 5,100 3,272 12,963 9,353
Comprehensive income (loss) attributable to Annaly 799,273 104,455 1,036,877 458,959
Comprehensive income (loss) attributable to common stockholders $ 758,237 $ 67,195 $ 955,189 $ 384,542
v3.26.1
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)
$ in Thousands
Total
Total stockholder’s equity
Preferred stock
Common stock
Additional paid-in capital
Accumulated other comprehensive income (loss)
Accumulated deficit
Noncontrolling interests
Beginning of period at Dec. 31, 2024     $ 1,536,569 $ 5,784 $ 25,257,716 $ (1,017,682) $ (13,173,146) $ 87,711
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance       631 1,255,657      
Stock-based award activity       6 7,284      
Unrealized gains (losses) on available-for-sale securities $ 198,436         198,436    
Reclassification adjustment for net (gains) losses included in net income (loss) 79,200         79,200    
Net income (loss) attributable to Annaly 181,323           181,323  
Dividends declared on preferred stock [1]             (74,417)  
Dividends and dividend equivalents declared on common stock and stock-based awards (876,062)           (876,062) [1]  
Net income (loss) attributable to noncontrolling interests (9,353)             9,353
Equity contributions from (distributions to) noncontrolling interests               (4,000)
End of period at Jun. 30, 2025 13,474,363 $ 13,381,299 1,536,569 6,421 26,520,657 (740,046) (13,942,302) 93,064
Beginning of period at Mar. 31, 2025     1,536,569 6,023 25,749,468 (787,402) (13,509,942) 89,792
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance       398 760,383      
Stock-based award activity       0 10,806      
Unrealized gains (losses) on available-for-sale securities 33,559         33,559    
Reclassification adjustment for net (gains) losses included in net income (loss) 13,797         13,797    
Net income (loss) attributable to Annaly 57,099           57,099  
Dividends declared on preferred stock [1]             (37,260)  
Dividends and dividend equivalents declared on common stock and stock-based awards (452,199)           (452,199) [1]  
Net income (loss) attributable to noncontrolling interests (3,272)             3,272
Equity contributions from (distributions to) noncontrolling interests               0
End of period at Jun. 30, 2025 13,474,363 13,381,299 1,536,569 6,421 26,520,657 (740,046) (13,942,302) 93,064
Beginning of period at Dec. 31, 2025 16,159,911 [2]   1,802,480 7,070 27,927,113 (488,566) (13,157,325) 69,139
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance       426 954,925      
Stock-based award activity       10 4,225      
Unrealized gains (losses) on available-for-sale securities (68,448)         (68,448)    
Reclassification adjustment for net (gains) losses included in net income (loss) 0         0    
Net income (loss) attributable to Annaly 1,105,325           1,105,325  
Dividends declared on preferred stock [1]             (81,688)  
Dividends and dividend equivalents declared on common stock and stock-based awards (1,080,171)           (1,080,171) [1]  
Net income (loss) attributable to noncontrolling interests (12,963)             12,963
Equity contributions from (distributions to) noncontrolling interests               (29,102)
End of period at Jun. 30, 2026 16,978,376 16,925,376 1,802,480 7,506 28,886,263 (557,014) (13,213,859) 53,000
Beginning of period at Mar. 31, 2026     1,802,480 7,303 28,427,555 (533,614) (13,429,615) 51,702
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance       203 446,799      
Stock-based award activity       0 11,909      
Unrealized gains (losses) on available-for-sale securities (23,400)         (23,400)    
Reclassification adjustment for net (gains) losses included in net income (loss) 0         0    
Net income (loss) attributable to Annaly 822,673           822,673  
Dividends declared on preferred stock [1]             (41,036)  
Dividends and dividend equivalents declared on common stock and stock-based awards (565,881)           (565,881) [1]  
Net income (loss) attributable to noncontrolling interests (5,100)             5,100
Equity contributions from (distributions to) noncontrolling interests               (3,802)
End of period at Jun. 30, 2026 $ 16,978,376 $ 16,925,376 $ 1,802,480 $ 7,506 $ 28,886,263 $ (557,014) $ (13,213,859) $ 53,000
[1]
(1) Refer to the “Capital Stock” Note for dividends per share for each class of shares.
[2]
(1)Derived from the audited consolidated financial statements at December 31, 2025.
v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities    
Net income (loss) $ 1,118,288 $ 190,676
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities    
Amortization of premiums and discounts of investments, net 187,327 118,013
Amortization of securitized debt premiums and discounts and deferred financing costs (41,938) (9,664)
Depreciation, amortization and other noncash expenses 19,802 18,296
Net (gains) losses on investments and derivatives 213,389 849,532
Income (loss) from unconsolidated joint ventures 12,255 3,527
Payments on purchases of loans held for sale (136,149) (104,589)
Proceeds from sales and repayments of loans held for sale 166,280 114,239
Proceeds from U.S. Treasury securities 702,110 2,465,677
Payments on U.S. Treasury securities (3,099,102) (2,486,009)
Net receipts (payments) on derivatives 1,007,111 (1,318,990)
Net change in    
Other assets (38,368) (37,252)
Interest receivable 73,996 237,038
Interest payable 40,076 (12,072)
Other liabilities (7,067) (3,948)
Net cash provided by (used in) operating activities 218,010 24,474
Cash flows from investing activities    
Payments on purchases of securities (15,064,564) (13,560,454)
Proceeds from sales of securities 8,333,840 9,488,533
Principal payments on securities 5,547,717 3,819,405
Payments on purchases and origination of loans (14,850,217) (7,952,371)
Proceeds from sales of loans 468,324 816,887
Principal payments on loans 5,584,253 2,157,581
Payments on purchases of MSR (631,029) (425,968)
Proceeds from sales of MSR 73,900 1,871
Payments on purchases of interests in MSR (80,750) 0
Proceeds from reverse repurchase agreements 62,659,517 336,792,414
Payments on reverse repurchase agreements (62,658,175) (336,792,414)
Distributions in excess of cumulative earnings from unconsolidated joint ventures 0 4,913
Net cash provided by (used in) investing activities (10,617,184) (5,649,603)
Cash flows from financing activities    
Proceeds from repurchase agreements and other secured financing 4,183,738,715 3,200,666,313
Payments on repurchase agreements and other secured financing (4,178,658,844) (3,199,538,563)
Proceeds from issuances of securitized debt 10,798,466 6,303,865
Principal payments on securitized debt (4,671,853) (1,958,111)
Payments on purchases of securitized debt (364,410) (4,350)
Payment of deferred financing cost (1,522) (10,305)
Proceeds from participations issued 4,649,096 3,472,780
Payments on repurchases of participations issued (3,973,464) (3,059,003)
Principal payments on participations issued (61,760) (42,829)
Net contributions (distributions) from (to) noncontrolling interests (29,102) (4,000)
Net proceeds from stock offerings, direct purchases and dividend reinvestments 955,351 1,256,288
Settlement of stock-based awards in satisfaction of withholding tax requirements (19,174) (13,936)
Dividends paid (1,088,077) (872,202)
Net cash provided by (used in) financing activities 11,273,422 6,195,947
Net (decrease) increase in cash and cash equivalents 874,248 570,818
Cash and cash equivalents including cash pledged as collateral, beginning of period 2,037,838 [1],[2] 1,488,027
Cash and cash equivalents including cash pledged as collateral, end of period 2,912,086 [2] 2,058,845
Supplemental disclosure of cash flow information    
Interest received 2,456,254 2,009,100
Dividends received 565 0
Interest paid (excluding interest paid on interest rate swaps) 1,711,794 1,669,958
Net interest received (paid) on interest rate swaps 371,644 725,621
Taxes received (paid) (1,977) (203)
Noncash investing and financing activities    
Receivable for unsettled trades 104,722 1,134,896
Payable for unsettled trades 331,586 1,538,526
Net change in unrealized gains (losses) on available-for-sale securities, net of reclassification adjustment (68,448) 277,636
Dividends declared, not yet paid $ 562,931 $ 449,453
[1]
(1)Derived from the audited consolidated financial statements at December 31, 2025.
[2]
(2)Includes cash of consolidated Variable Interest Entities (“VIEs”) of $8.3 million and $4.1 million at June 30, 2026 and December 31, 2025, respectively.
v3.26.1
DESCRIPTION OF BUSINESS
 6 Months Ended
Jun. 30, 2026
Accounting Policies [Abstract]  
DESCRIPTION OF BUSINESS
1. DESCRIPTION OF BUSINESS
Annaly Capital Management, Inc. (the “Company” or “Annaly”) is a Maryland corporation that commenced operations on February 18, 1997. The Company is a leading diversified capital manager with investment strategies across residential mortgage finance. The Company owns a portfolio of real estate related investments, including mortgage pass-through certificates, collateralized mortgage obligations, credit risk transfer (“CRT”) securities, other securities representing interests in or obligations backed by pools of mortgage loans, residential mortgage loans and mortgage servicing rights (“MSR”). The Company’s principal business objective is to generate net income for distribution to its stockholders and optimize its returns through prudent management of its diversified investment strategies.
Annaly is an internally-managed company that has elected to be taxed as a Real Estate Investment Trust (“REIT”) as defined under the Internal Revenue Code of 1986, as amended, and regulations promulgated thereunder (the “Code”).
The Company’s three investment groups are primarily comprised of the following:
Investment GroupsDescription
Annaly Agency GroupInvests in Agency mortgage-backed securities (“MBS”) collateralized by residential mortgages which are guaranteed by Fannie Mae, Freddie Mac or Ginnie Mae and complementary investments within the Agency market, including Agency commercial MBS.
Annaly Residential Credit GroupInvests primarily in non-Agency residential whole loans and securitized products within the residential and commercial markets.
Annaly Mortgage Servicing Rights Group
Invests in MSR, which provide the right to service residential mortgage loans in exchange for a portion of the interest payments made on the loans.
v3.26.1
BASIS OF PRESENTATION
 6 Months Ended
Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
BASIS OF PRESENTATION
2. BASIS OF PRESENTATION
The accompanying consolidated financial statements and related notes of the Company have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”).
The accompanying consolidated financial statements and related notes are unaudited and should be read in conjunction with the audited consolidated financial statements included in the Company’s most recent Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (the “2025 Form 10-K”). The consolidated financial information as of December 31, 2025 has been derived from audited consolidated financial statements included in the Company’s 2025 Form 10-K.
The preparation of the consolidated financial statements requires management to make estimates and assumptions that affect the reported balance sheet amounts and/or disclosures at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates.
In the opinion of management, all normal, recurring adjustments have been included for a fair presentation of this interim financial information. Interim period operating results may not be indicative of the operating results for a full year.
v3.26.1
SIGNIFICANT ACCOUNTING POLICIES
 6 Months Ended
Jun. 30, 2026
Accounting Policies [Abstract]  
SIGNIFICANT ACCOUNTING POLICIES
3. SIGNIFICANT ACCOUNTING POLICIES
The Company’s significant accounting policies are described below or are included elsewhere in these notes to the consolidated financial statements.
Principles of Consolidation – The consolidated financial statements include the accounts of the entities where the Company has a controlling financial interest. In order to determine whether the Company has a controlling financial interest, it first evaluates whether an entity is a voting interest entity (“VOE”) or a variable interest entity (“VIE”). All intercompany balances and transactions have been eliminated in consolidation.
Voting Interest Entities – A VOE is an entity that has sufficient equity and in which equity investors have a controlling financial interest. The Company consolidates VOEs where it has a majority of the voting equity of such VOE.
Variable Interest Entities – A VIE is defined as an entity in which equity investors (i) do not have the characteristics of a controlling financial interest, and/or (ii) do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. A VIE is required to be consolidated by its primary beneficiary, which is defined as the party that has both (i) the power to control the activities that most significantly impact the VIE’s
economic performance and (ii) the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE.
The Company performs ongoing reassessments of whether changes in the facts and circumstances regarding the Company’s involvement with a VIE causes the Company’s consolidation conclusion to change. Refer to the “Variable Interest Entities” Note for further information.
Equity Method Investments - For entities that are not consolidated, but where the Company has significant influence over the operating or financial decisions of the entity, the Company accounts for the investment under the equity method of accounting. In accordance with the equity method of accounting, the Company will recognize its share of earnings or losses of the investee in the period in which they are reported by the investee. The Company also considers whether there are any indicators of other-than-temporary impairment of joint ventures accounted for under the equity method. These investments are included in Other assets with income or loss included in Other, net.
Cash and Cash Equivalents – Cash and cash equivalents include cash on hand, cash held in money market funds on an overnight basis and cash pledged as collateral with counterparties. Cash deposited with clearing organizations is carried at cost, which approximates fair value. Cash and securities deposited with clearing organizations and collateral held in the form of cash on margin with counterparties to the Company’s interest rate swaps and other derivatives totaled $2.5 billion and $1.7 billion at June 30, 2026 and December 31, 2025, respectively.
Fair Value Measurements and the Fair Value Option – The Company reports various investments at fair value, including certain eligible financial instruments elected to be accounted for under the fair value option (“FVO”). The Company chooses to elect the FVO in order to simplify the accounting treatment for certain financial instruments. Items for which the FVO has been elected are presented at fair value in the Consolidated Statements of Financial Condition and any change in fair value is recorded in Net gains (losses) on investments and other in the Consolidated Statements of Comprehensive Income (Loss). For additional information regarding financial instruments for which the Company has elected the FVO refer to the table in the “Financial Instruments” Note.
Refer to the “Fair Value Measurements” Note for a complete discussion on the methodology utilized by the Company to estimate the fair value of certain financial instruments.
Offsetting Assets and Liabilities - The Company elected to present all derivative instruments on a gross basis as discussed in the “Derivative Instruments” Note. Reverse repurchase and repurchase agreements are presented net in the Consolidated Statements of Financial Condition if they meet the offsetting criteria. Refer to the “Secured Financing” Note for further discussion on reverse repurchase and repurchase agreements.
Derivative Instruments – Derivatives are recognized as either assets or liabilities at fair value in the Consolidated Statements of Financial Condition with changes in fair value recognized in the Consolidated Statements of Comprehensive Income (Loss). The changes in the estimated fair value are presented within Net gains (losses) on derivatives. None of the Company’s derivative transactions have been designated as hedging instruments for accounting purposes. Refer to the “Derivative Instruments” Note for further discussion.
Stock-Based Compensation – The Company measures compensation expense for stock-based awards at fair value, which is generally based on the grant-date fair value of the Company’s common stock. Compensation expense is recognized ratably over the vesting or requisite service period of the award. Stock-based awards that contain market-based conditions are valued using a model.
Compensation expense for awards with performance conditions is recognized based on the probable outcome of the performance condition at each reporting date. Compensation expense for awards with market conditions is recognized irrespective of the probability of the market condition being achieved and is not reversed if the market condition is not met. Stock-based awards that do not require future service (i.e., vested awards) are expensed immediately. Forfeitures are recorded when they occur. The Company generally issues new shares of common stock upon delivery of stock-based awards.
Interest Income - The Company recognizes interest income primarily on Residential Securities (as defined in the “Securities” Note), residential mortgage loans, commercial investments and reverse repurchase agreements. Interest accrued but not received is recognized as Interest receivable in the Consolidated Statements of Financial Condition. Interest income is presented as a separate line item in the Consolidated Statements of Comprehensive Income (Loss).
For its securities, the Company recognizes coupon income, which is a component of interest income, based upon the outstanding principal amounts of the financial instruments and their contractual terms. In addition, the Company amortizes or accretes premiums or discounts into interest income for its Agency mortgage-backed securities (other than interest-only securities, multifamily and reverse mortgages), taking into account estimates of future principal prepayments in the calculation of the effective yield. The Company recalculates the effective yield as differences between anticipated and actual prepayments occur. Using third party model and market information to project future cash flows and expected remaining lives of securities, the effective interest rate determined for each security is applied as if it had been in place from the date of the security’s acquisition. The amortized cost of the security is then adjusted to the amount that would have existed had the new effective yield been applied since the acquisition date, which results in a cumulative premium amortization adjustment in each period. The adjustment to amortized cost is offset with a charge or credit to interest income. Changes in interest rates and other market factors will impact prepayment speed projections and the amount of premium amortization recognized in any given period.
Premiums or discounts associated with the purchase of Agency interest-only securities, reverse mortgages and residential credit securities are amortized or accreted into interest income based upon current expected future cash flows with any adjustment to yield made on a prospective basis.
Premiums or discounts associated with the purchase of multifamily securities are amortized or accreted into interest income based upon their contractual payment terms. If a prepayment occurs, an adjustment is made to the unpaid principal balance and unamortized premium or discount in the current period and the original effective yield continues to be applied.
Premiums and discounts associated with the purchase of residential mortgage loans and with those transferred or pledged to securitization trusts are primarily amortized or accreted into interest income over their estimated remaining lives using the effective interest rates inherent in the estimated cash flows from the mortgage loans. Amortization of premiums and accretion of discounts are presented in Interest income in the Consolidated Statements of Comprehensive Income (Loss).
If collection of a loan’s principal or interest is in doubt or the loan is 90 days or more past due, interest income is not accrued. For nonaccrual status loans carried at fair value or held for sale, interest is not accrued but is recognized on a cash basis. For nonaccrual status loans carried at amortized cost, if collection of principal is not in doubt but collection of interest is in doubt, interest income is recognized on a cash basis. If collection of principal is in doubt, any interest received is applied against principal until collectability of the remaining balance is no longer in doubt; at that point, any interest income is recognized on a cash basis. Generally, a loan is returned to accrual status when the borrower has resumed paying the full amount of the scheduled contractual obligation, if all principal and interest amounts contractually due are reasonably assured of repayment within a reasonable period of time and there is a sustained period of repayment performance by the borrower.
Refer to the “Interest Income and Interest Expense” Note for further discussion of interest income.
Income Taxes – The Company has elected to be taxed as a REIT and intends to comply with the provisions of the Code, with respect thereto. As a REIT, the Company will not incur federal income tax to the extent that it distributes its taxable income to its stockholders. The Company and certain of its direct and indirect subsidiaries have made separate joint elections to treat these subsidiaries as taxable REIT subsidiaries (“TRSs”). As such, each of these TRSs is taxable as a domestic C corporation and subject to federal, state and local income taxes based upon its taxable income. Refer to the “Income Taxes” Note for further discussion on income taxes.
Recent Accounting Pronouncements
The Company considers the applicability and impact of all Accounting Standard Updates (“ASUs”). The Company reviewed recently issued ASUs and determined that they were not expected to have a significant impact on the Company’s consolidated financial statements when adopted or did not have a significant impact on the Company’s consolidated financial statements upon adoption.
v3.26.1
FINANCIAL INSTRUMENTS
 6 Months Ended
Jun. 30, 2026
Investments, All Other Investments [Abstract]  
FINANCIAL INSTRUMENTS
4. FINANCIAL INSTRUMENTS
The following table presents characteristics for certain of the Company’s financial instruments at June 30, 2026 and December 31, 2025.
Financial Instruments (1)
Balance Sheet Line ItemType / FormMeasurement BasisJune 30, 2026December 31, 2025
Assets(dollars in thousands)
Securities
Agency mortgage-backed securities (2)
Fair value, with unrealized gains (losses) through other comprehensive income$6,014,557 $6,462,112 
Securities
Agency mortgage-backed securities (3)
Fair value, with unrealized gains (losses) through earnings81,754,021 83,166,542 
SecuritiesResidential credit risk transfer securitiesFair value, with unrealized gains (losses) through earnings46,872 213,800 
SecuritiesNon-agency mortgage-backed securitiesFair value, with unrealized gains (losses) through earnings1,565,016 1,445,176 
SecuritiesCommercial real estate debt investments - CMBSFair value, with unrealized gains (losses) through earnings135,019 — 
Total securities89,515,485 91,287,630 
Loans, netResidential mortgage loansFair value, with unrealized gains (losses) through earnings7,280,979 5,020,784 
Interests in MSRInterest in net servicing cash flowsFair value, with unrealized gains (losses) through earnings106,775 28,626 
Assets transferred or pledged to securitization vehiclesResidential mortgage loansFair value, with unrealized gains (losses) through earnings38,256,690 32,067,433 
Reverse repurchase agreementsReverse repurchase agreementsAmortized cost33,047 34,389 
Liabilities
Repurchase agreementsRepurchase agreementsAmortized cost$86,895,874 $81,865,723 
Other secured financingLoansAmortized cost1,125,000 1,075,000 
Debt issued by securitization vehiclesSecuritiesFair value, with unrealized gains (losses) through earnings34,366,098 28,918,753 
Participations issuedParticipations issuedFair value, with unrealized gains (losses) through earnings2,553,709 1,932,655 
U.S. Treasury securities sold, not yet purchasedSecuritiesFair value, with unrealized gains (losses) through earnings— 2,396,724 
(1) Receivable for unsettled trades, Principal and interest receivable, Payable for unsettled trades, Interest payable and Dividends payable are accounted for at cost. Interests in MSR are considered financial instruments whereas directly held MSR are considered servicing assets or obligations.
(2) Includes Agency pass-through, collateralized mortgage obligation (“CMO”) and multifamily securities purchased prior to July 1, 2022.
(3) Includes interest-only securities and reverse mortgages and, effective July 1, 2022, newly purchased Agency pass-through, CMO and multifamily securities.
v3.26.1
SECURITIES
 6 Months Ended
Jun. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
SECURITIES
5. SECURITIES
The Company’s investments in securities include agency, credit risk transfer, non-agency and commercial mortgage-backed securities. The Company designates its securities as trading, available-for-sale or held-to-maturity depending upon the type of security and the Company’s intent and ability to hold such security to maturity. Securities classified as available-for-sale and trading are reported at fair value on a recurring basis.
Available-for-sale debt securities are carried at fair value, with changes in fair value recognized in other comprehensive income, unless the fair value option is elected in which case changes in fair value are recognized in Net gains (losses) on investments and other in the Consolidated Statements of Comprehensive Income (Loss). Effective July 1, 2022, the Company elected the fair value option for any newly purchased Agency mortgage-backed securities in order to simplify the accounting for these securities. During the three and six months ended June 30, 2026, ($163.9) million and ($910.9) million, respectively, of unrealized gains (losses) on the Agency mortgage-backed securities, for which the fair value option was elected, were reported in Net gains (losses) on investments and other in the Company's Consolidated Statements of Comprehensive Income (Loss). During the three and six months ended June 30, 2025, $113.1 million and $1.0 billion, respectively, of unrealized gains (losses) on the Agency mortgage-backed securities, for which the fair value option was elected, were reported in Net gains (losses) on investments and other in the Company's Consolidated Statements of Comprehensive Income (Loss). Agency mortgage-backed securities purchased prior to July 1, 2022, are still classified as available-for-sale with changes in fair value recognized in other comprehensive income. The Company has also elected the fair value option for CRT securities, interest only securities, Non-Agency and commercial mortgage-backed securities in order to simplify the accounting. Transactions for regular-way securities are recorded on trade date, including to-be-announced (“TBA”) securities that meet the regular-way securities scope exception
from derivative accounting. Gains and losses on disposals of securities are recorded on trade date based on the specific identification method.
Impairment – Management evaluates available-for-sale securities where the fair value option has not been elected and held-to-maturity debt securities for impairment at least quarterly, and more frequently when economic or market conditions warrant such evaluation. When the fair value of an available-for-sale security is less than its amortized cost, the security is considered impaired. For securities that are impaired, the Company determines if it (1) has the intent to sell the security, (2) is more likely than not that it will be required to sell the security before recovery of its amortized cost basis, or (3) does not expect to recover the entire amortized cost basis of the security. Further, the security is analyzed for credit loss (the difference between the present value of cash flows expected to be collected and the amortized cost basis). The credit loss, if any, will then be recognized in the Consolidated Statements of Comprehensive Income (Loss) as a securities loss provision and reflected as an allowance for credit losses on securities in the Consolidated Statements of Financial Condition, while the balance of losses related to other factors will be recognized as a component of Other comprehensive income (loss). When the fair value of a held-to-maturity security is less than the cost, the Company performs an analysis to determine whether it expects to recover the entire cost basis of the security.
Agency Mortgage-Backed Securities - The Company invests in mortgage pass-through certificates, collateralized mortgage obligations and other MBS representing interests in or obligations backed by pools of residential, multifamily or commercial mortgage loans and certificates. Many of the underlying loans and certificates are guaranteed by the Government National Mortgage Association (“Ginnie Mae”), the Federal Home Loan Mortgage Corporation (“Freddie Mac”) or the Federal National Mortgage Association (“Fannie Mae”) (collectively, “Agency mortgage-backed securities”).
Agency mortgage-backed securities may include forward contracts for Agency mortgage-backed securities purchases or sales of a generic pool, on a to-be-announced basis. TBA securities without intent to accept delivery (“TBA derivatives”) are accounted for as derivatives as discussed in the “Derivative Instruments” Note.
CRT Securities - CRT securities are risk sharing instruments issued by Fannie Mae and Freddie Mac, and similarly structured transactions arranged by third party market participants. CRT securities are designed to synthetically transfer mortgage credit risk from Fannie Mae and Freddie Mac to private investors.
Non-Agency Mortgage-Backed Securities - The Company invests in non-Agency mortgage-backed securities such as those issued in prime loan, prime jumbo loan, non-qualified mortgage loan (“Non-QM”), small balance commercial loan (“SBC”), non-performing loan (“NPL”), re-performing loan (“RPL”) and residential transition loan (“RTL”) securitizations.
Agency mortgage-backed securities, non-Agency mortgage-backed securities and residential CRT securities are referred to herein as “Residential Securities.” Although the Company generally intends to hold most of its Residential Securities until maturity, it may, from time to time, sell any of its Residential Securities as part of the overall management of its portfolio.
Commercial Mortgage-Backed Securities (“Commercial Securities”) - The Company invests in Commercial Securities such as conduit, credit CMBS, single-asset single borrower and collateralized loan obligations.
The following table represents a rollforward of the activity for the Company’s securities for the six months ended June 30, 2026:
Agency
Securities		Residential Credit SecuritiesCommercial
Securities		Total
(dollars in thousands)
Beginning balance January 1, 2026
$89,628,654 $1,658,976 $— $91,287,630 
Purchases12,563,011 373,017 395,000 13,331,028 
Sales
(7,994,201)(154,204)(260,000)(8,408,405)
Principal paydowns(5,296,395)(247,926)— (5,544,321)
(Amortization) / accretion(115,338)(4,595)— (119,933)
Fair value adjustment(1,017,153)(13,380)19 (1,030,514)
Ending balance June 30, 2026
$87,768,578 $1,611,888 $135,019 $89,515,485 
The following tables present the Company’s securities portfolio that were carried at their fair value at June 30, 2026 and December 31, 2025:
 June 30, 2026
 Principal /
Notional		Remaining PremiumRemaining DiscountAmortized
Cost		Unrealized
Gains		Unrealized
Losses		Estimated Fair Value
Agency(dollars in thousands)
Fixed-rate pass-through$79,330,278 $1,375,584 $(1,181,699)$79,524,163 $497,517 $(1,072,873)$78,948,807 
Adjustable-rate pass-through154,101 6,578 (27)160,652 1,744 (4,902)157,494 
CMO2,436 11 — 2,447 — (110)2,337 
Interest-only5,528,714 695,794 — 695,794 13,040 (120,747)588,087 
Multifamily (1)
52,690,177 643,988 (54,656)8,106,321 34,363 (68,831)8,071,853 
Total agency securities$137,705,706 $2,721,955 $(1,236,382)$88,489,377 $546,664 $(1,267,463)$87,768,578 
Residential credit       
Credit risk transfer$45,704 $41 $— $45,745 $1,132 $(5)$46,872 
Non-QM453,577 210 (3,301)450,486 1,692 (9,660)442,518 
Prime (2)
2,635,217 35,115 (10,604)209,090 2,951 (1,842)210,199 
SBC173,949 27 (9,754)164,222 5,113 (4,422)164,913 
NPL/RPL440,651 3,516 (20,094)424,073 4,625 (2,477)426,221 
RTL115,031 — (347)114,684 426 (190)114,920 
Prime jumbo (>=2010 vintage) (3)
11,504,368 100,253 (32,098)189,537 21,255 (4,547)206,245 
Total residential credit securities$15,368,497 $139,162 $(76,198)$1,597,837 $37,194 $(23,143)$1,611,888 
Total residential securities$153,074,203 $2,861,117 $(1,312,580)$90,087,214 $583,858 $(1,290,606)$89,380,466 
Commercial
Commercial securities$135,000 $— $— $135,000 $41 $(22)$135,019 
Total securities$153,209,203 $2,861,117 $(1,312,580)$90,222,214 $583,899 $(1,290,628)$89,515,485 
 December 31, 2025
 Principal /
Notional		Remaining PremiumRemaining DiscountAmortized
Cost		Unrealized
Gains		Unrealized
Losses		Estimated Fair Value
Agency(dollars in thousands)
Fixed-rate pass-through$81,291,560 $1,464,326 $(1,120,301)$81,635,585 $1,055,907 $(709,842)$81,981,650 
Adjustable-rate pass-through114,642 6,678 (32)121,288 2,008 (4,244)119,052 
CMO2,709 12 — 2,721 — (81)2,640 
Interest-only5,266,587 683,108 — 683,108 28,590 (97,630)614,068 
Multifamily (1)
41,310,478 617,383 (11,385)6,889,598 67,373 (45,727)6,911,244 
Total agency investments$127,985,976 $2,771,507 $(1,131,718)$89,332,300 $1,153,878 $(857,524)$89,628,654 
Residential credit       
Credit risk transfer$204,518 $42 $(2,239)$202,321 $11,486 $(7)$213,800 
Non-QM343,495 249 (2,514)341,230 3,022 (8,100)336,152 
Prime (2)
2,294,631 31,005 (9,746)111,526 3,497 (748)114,275 
SBC186,929 23 (10,317)176,635 4,991 (4,648)176,978 
NPL/RPL462,956 3,520 (21,613)444,863 5,053 (2,099)447,817 
RTL191,767 13 (488)191,292 1,342 (8)192,626 
Prime jumbo (>=2010 vintage) (3)
11,771,926 101,388 (30,397)163,610 18,034 (4,316)177,328 
Total residential credit securities$15,456,222 $136,240 $(77,314)$1,631,477 $47,425 $(19,926)$1,658,976 
Total residential securities$143,442,198 $2,907,747 $(1,209,032)$90,963,777 $1,201,303 $(877,450)$91,287,630 
Commercial
Commercial securities$— $— $— $— $— $— $— 
Total securities$143,442,198 $2,907,747 $(1,209,032)$90,963,777 $1,201,303 $(877,450)$91,287,630 
(1) Principal/Notional amount includes $45.2 billion and $35.0 billion of Agency Multifamily interest-only securities as of June 30, 2026 and December 31, 2025, respectively.
(2) Principal/Notional amount includes $2.5 billion and $2.2 billion of Prime interest-only securities as of June 30, 2026 and December 31, 2025, respectively.
(3) Principal/Notional amount includes $11.4 billion and $11.7 billion of Prime Jumbo interest-only securities as of June 30, 2026 and December 31, 2025, respectively.
The following table presents the Company’s Agency mortgage-backed securities portfolio by issuing Agency at June 30, 2026 and December 31, 2025: 
June 30, 2026December 31, 2025
Investment Type(dollars in thousands)
Fannie Mae$83,683,437 $85,506,672 
Freddie Mac3,917,225 3,970,920 
Ginnie Mae167,916 151,062 
Total$87,768,578 $89,628,654 
Actual maturities of the Company’s Residential Securities are generally shorter than stated contractual maturities because actual maturities of the portfolio are affected by periodic payments and prepayments of principal on the underlying mortgages.
The following table summarizes the Company’s Residential Securities at June 30, 2026 and December 31, 2025, according to their estimated weighted average life classifications:
 June 30, 2026December 31, 2025
Estimated Fair ValueAmortized
Cost		Estimated Fair ValueAmortized
Cost
Estimated weighted average life(dollars in thousands)
Less than one year$252,925 $251,196 $308,818 $306,718 
Greater than one year through five years3,731,946 3,733,842 6,308,008 6,229,244 
Greater than five years through ten years84,259,169 84,979,888 83,402,554 83,180,354 
Greater than ten years1,136,426 1,122,288 1,268,250 1,247,461 
Total$89,380,466 $90,087,214 $91,287,630 $90,963,777 
The estimated weighted average lives of the Residential Securities at June 30, 2026 and December 31, 2025 in the table above are based upon projected principal prepayment rates. The actual weighted average lives of the Residential Securities could be longer or shorter than projected.
The following table presents the gross unrealized losses and estimated fair value of the Company’s Agency mortgage-backed securities, accounted for as available-for-sale where the fair value option has not been elected, by length of time that such securities have been in a continuous unrealized loss position at June 30, 2026 and December 31, 2025.
 June 30, 2026December 31, 2025
 
Estimated Fair Value (1)
Gross Unrealized Losses (1)
Number of Securities (1)
Estimated Fair Value (1)
Gross Unrealized Losses (1)
Number of Securities (1)
 (dollars in thousands)
Less than 12 months$29,060 $(444)16 $2,942 $(168)1 
12 Months or more5,873,226 (560,498)1,266 6,307,396 (494,102)1,268 
Total$5,902,286 $(560,942)1,282 $6,310,338 $(494,270)1,269 
(1) Excludes interest-only mortgage-backed securities and reverse mortgages, and effective July 1, 2022, newly purchased Agency pass-through, CMOs and multifamily securities.
The decline in value of these securities is solely due to market conditions and not the quality of the assets. Substantially all of the Agency mortgage-backed securities have an actual or implied credit rating that is the same as that of the U.S. government. An impairment has not been recognized in earnings related to these investments because the decline in value is not related to credit quality, the Company currently has not made a decision to sell the securities nor is it more likely than not that the securities will be required to be sold before recovery.
During the three and six months ended June 30, 2026, the Company disposed of $3.1 billion and $8.1 billion amortized cost basis of Residential Securities, respectively. During the three and six months ended June 30, 2025, the Company disposed of $3.3 billion and $8.5 billion amortized cost basis of Residential Securities, respectively. The following table presents the Company’s net gains (losses) from the disposal of Residential Securities for the three and six months ended June 30, 2026 and 2025, which is included in Net gains (losses) on investments and other in the Consolidated Statements of Comprehensive Income (Loss).
 Gross Realized GainsGross Realized LossesNet Realized Gains (Losses)
For the three months ended(dollars in thousands)
June 30, 2026$16,283 $(33,799)$(17,516)
June 30, 2025$9,230 $(34,988)$(25,758)
For the six months ended
June 30, 2026$62,960 $(44,569)$18,391 
June 30, 2025$74,110 $(154,474)$(80,364)
v3.26.1
LOANS
 6 Months Ended
Jun. 30, 2026
Receivables [Abstract]  
LOANS
6. LOANS
The Company invests in residential loans. Loans are classified as either held for investment or held for sale. Loans are eligible to be accounted for under the fair value option. If loans are elected under the fair value option, they are carried at fair value with changes in fair value recognized in earnings. Otherwise, loans held for investment are carried at cost less impairment and loans held for sale are accounted for at the lower of cost or fair value.
Excluding loans transferred or pledged to securitization vehicles, as of June 30, 2026 and December 31, 2025, the Company had $7.3 billion and $5.0 billion, respectively, of loans for which the fair value option was elected. If the Company intends to sell or securitize the loans and the securitization vehicle is not expected to be consolidated, the loans are classified as held for sale. Any origination fees and costs or purchase premiums or discounts are deferred and recognized upon sale. The Company determines the fair value of loans held for sale on an individual loan basis. The carrying value of the Company’s residential loans held for sale was $2.1 million and $37.1 million at June 30, 2026 and December 31, 2025, respectively.
The following table presents the activity of the Company’s loan investments, excluding loans transferred or pledged to securitization vehicles, for the six months ended June 30, 2026:
Residential Loans
(dollars in thousands)
Beginning balance January 1, 2026
$5,020,784 
Purchases / originations / draws (1)
15,012,633 
Sales and transfers (2)
(12,475,215)
Principal payments(251,049)
Gains / (losses)(8,940)
(Amortization) / accretion(17,234)
Ending balance June 30, 2026
$7,280,979 
(1) Includes residential loans acquired from exercise of optional redemption provisions of securitization vehicles with a carrying value of $977.3 million during the six months ended June 30, 2026.
(2) Includes transfer of residential loans to securitization vehicles with a carrying value of $11.8 billion during the six months ended June 30, 2026.

The Company’s residential mortgage loans are primarily comprised of performing adjustable-rate and fixed-rate whole loans. The Company’s residential loans are accounted for under the fair value option with changes in fair value reflected in Net gains (losses) on investments and other in the Consolidated Statements of Comprehensive Income (Loss). The Company also consolidates securitization trusts in which it retained securities because it also has certain powers and rights to direct the activities of such trusts. Refer to the “Variable Interest Entities” Note for further information related to the Company’s consolidated residential mortgage loan trusts.
The mortgage loans are secured by first or second liens on primarily one-to-four family residential properties. A subsidiary of the Company has engaged a third party to act as its custodian, agent and bailee for the purposes of receiving and holding certain documents, instruments and papers related to the residential mortgage loans it purchases. Pursuant to the custodial agreement, the custodian segregates and maintains continuous custody of all documents constituting the mortgage file with respect to each mortgage loan owned by the subsidiary in secure and fire resistant facilities and in a manner consistent with the standard of care employed by prudent mortgage loan document custodians. At or prior to the funding of any residential mortgage loan, the related seller, pursuant to the terms of our mortgage loan purchase agreement, must deliver to the custodian the mortgage loan documents including the mortgage note, the mortgage and other related loan documents. In addition, a complete credit file for the related mortgage and borrower must be delivered to the subsidiary prior to the date of purchase.
The following table presents the fair value and the unpaid principal balances of the residential mortgage loan portfolio, including loans transferred or pledged to securitization vehicles, at June 30, 2026 and December 31, 2025:
June 30, 2026December 31, 2025
 (dollars in thousands)
Fair value$45,537,669 $37,088,217 
Unpaid principal balance$45,398,184 $37,033,580 

The following table provides information regarding the line items and amounts recognized in the Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended June 30, 2026 and 2025 for these investments:
For the Three Months EndedFor the Six Months Ended
June 30, 2026June 30, 2025June 30, 2026June 30, 2025
 (dollars in thousands)
Interest income$674,055 $467,959 $1,270,844 $894,014 
Net gains (losses) on disposal of investments (1)
(38,240)(14,315)(68,182)(24,308)
Net unrealized gains (losses) on instruments measured at fair value through earnings (1)
(142,407)94,051 (127,988)334,881 
Total included in net income (loss)$493,408 $547,695 $1,074,674 $1,204,587 
(1) These amounts are presented in the line item Net gains (losses) on investments and other in the Consolidated Statements of Comprehensive Income (loss).
The following table provides the geographic concentrations based on the unpaid principal balances at June 30, 2026 and December 31, 2025 for the residential mortgage loans, including loans transferred or pledged to securitization vehicles:
Geographic Concentrations of Residential Mortgage Loans
June 30, 2026December 31, 2025
Property location% of BalanceProperty location% of Balance
California38.0%California39.2%
New York10.6%New York11.3%
Florida8.1%Florida8.7%
Texas5.4%Texas5.3%
All other (none individually greater than 5%)37.9%All other (none individually greater than 5%)35.5%
Total100.0%100.0%
The following table provides additional data on the Company’s residential mortgage loans, including loans transferred or pledged to securitization vehicles, at June 30, 2026 and December 31, 2025:
 June 30, 2026December 31, 2025
 
Portfolio
Range
Portfolio Weighted
Average
Portfolio
Range
Portfolio Weighted Average
 (dollars in thousands)
Unpaid principal balance
$1 - $4,396
$450
$1 - $4,396
$459
Interest rate
1.63% - 18.00%
6.62%
2.00% - 18.00%
6.67%
Maturity11/1/2029 - 7/1/20667/6/205411/1/2029 - 1/1/20661/3/2054
FICO score at loan origination
522 - 850
763
549 - 850
761
Loan-to-value ratio at loan origination
1% - 100%
67%
1% - 100%
67%
At June 30, 2026 and December 31, 2025, approximately 12% and 13%, respectively, of the carrying value of the Company’s residential mortgage loans, including loans transferred or pledged to securitization vehicles, were adjustable-rate. At June 30, 2026, the aggregate fair value and unpaid principal balance of loans ninety days or more past due and in nonaccrual status was $527.6 million (of which $502.6 million has been pledged or transferred to securitization vehicles), and $524.5 million, respectively. The non-accrual balances represent approximately 1% of the total loan portfolio. The weighted average loan-to-value ratio at loan origination for loans in non-accrual status was 72%. The recorded investment of residential mortgage loans secured by residential real estate properties for which formal foreclosure proceedings are in process according to the requirements of the applicable jurisdiction was $344.7 million at June 30, 2026. At December 31, 2025, the aggregate fair value and unpaid principal balance of loans ninety days or more past due and in nonaccrual status was $446.0 million (of which $405.8 million has been pledged or transferred to securitization vehicles), and $451.5 million, respectively. The non-accrual
balances represent approximately 1% of the total loan portfolio. The weighted average loan-to-value ratio at loan origination for loans in non-accrual status was 73%. The recorded investment of residential mortgage loans secured by residential real estate properties for which formal foreclosure proceedings are in process according to the requirements of the applicable jurisdiction was $198.3 million at December 31, 2025.
v3.26.1
MORTGAGE SERVICING RIGHTS
 6 Months Ended
Jun. 30, 2026
Transfers and Servicing [Abstract]  
MORTGAGE SERVICING RIGHTS
7. MORTGAGE SERVICING RIGHTS
MSR represent the rights and obligations associated with servicing pools of residential mortgage loans. The Company and its subsidiaries do not originate or directly service residential mortgage loans. Rather, these activities are carried out by duly licensed subservicers who perform substantially all servicing functions for the loans underlying the MSR. The Company generally intends to hold the MSR as investments and elected to account for all of its investments in MSR at fair value. As such, they are recognized at fair value in the accompanying Consolidated Statements of Financial Condition with changes in the estimated fair value presented as a component of Net gains (losses) on investments and other in the Consolidated Statements of Comprehensive Income (Loss).
The following table presents activity related to MSR for the three and six months ended June 30, 2026 and 2025:
 Mortgage Servicing RightsThree Months EndedSix Months Ended
June 30, 2026June 30, 2025June 30, 2026June 30, 2025
 (dollars in thousands)
Fair value, beginning of period$4,115,999 $3,272,902 $3,645,865 $2,909,134 
Purchases (1)
112,320 39,369 636,671 436,031 
Sales(82,011)— (82,011)— 
Change in fair value due to:
Changes in valuation inputs or assumptions (2)
20,229 28,464 28,166 41,232 
Other changes, including realization of expected cash flows(77,052)(59,545)(139,206)(105,207)
Fair value, end of period$4,089,485 $3,281,190 $4,089,485 $3,281,190 
(1) Includes adjustments to original purchase price from early payoffs, defaults, or loans that were delivered but were deemed to not be acceptable.
(2) Principally represents changes in discount rates and prepayment speed inputs used in valuation model, primarily due to changes in interest rates.
v3.26.1
VARIABLE INTEREST ENTITIES
 6 Months Ended
Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
VARIABLE INTEREST ENTITIES
8. VARIABLE INTEREST ENTITIES
The Company’s exposure to the obligations of its VIEs is generally limited to the Company’s investment in the VIEs of $4.0 billion at June 30, 2026. Assets of the VIEs may only be used to settle obligations of the VIEs. Creditors of the VIEs have no recourse to the general credit of the Company. The Company is not contractually required to provide and has not provided any form of financial support to the VIEs. No gains or losses were recognized upon consolidation of existing VIEs. Interest income and expense are recognized using the effective interest method.
Residential Securitizations
The Company also invests in residential mortgage-backed securities issued by entities that are VIEs because they do not have sufficient equity at risk for the entities to finance their activities without additional subordinated financial support from other parties. The Company is not the primary beneficiary because it does not have the power to direct the activities that most significantly impact the VIEs’ economic performance. For these entities, the Company’s maximum exposure to loss is the amortized cost basis of the securities it owns and it does not provide any liquidity arrangements, guarantees or other commitments to these VIEs. Refer to the “Securities” Note for further information on Residential Securities.
OBX Trusts
Residential securitizations are issued by entities generally referred to collectively as the “OBX Trusts.” These securitizations represent financing transactions that provide non-recourse financing to the Company and are collateralized by residential mortgage loans purchased by the Company. Residential securitizations closed during the six months ended June 30, 2026 are included in the following table:
SecuritizationDate of ClosingFace Value at Closing
(dollars in thousands)
OBX 2026-NQM1January 2026$847,216 
OBX 2026-NQM2January 2026$809,100 
OBX 2026-J1February 2026$362,128 
OBX 2026-INV1February 2026$346,305 
OBX 2026-NQM3February 2026$840,767 
OBX 2026-HE1February 2026$247,572 
OBX 2026-R1March 2026$491,816 
OBX 2026-NQM4March 2026$789,600 
OBX 2026-NQM5April 2026$876,528 
OBX 2026-AHC1April 2026$349,308 
OBX 2026-INV2April 2026$383,750 
OBX 2026-CES1April 2026$210,909 
OBX 2026-NQM6April 2026$849,538 
OBX 2026-INV3May 2026$384,053 
OBX 2026-NQM7May 2026$932,378 
OBX 2026-HYB1May 2026$309,084 
OBX 2026-INV4May 2026$517,726 
OBX 2026-R2June 2026$407,349 
OBX 2026-NQM8June 2026$1,022,359 
OBX 2026-HE2June 2026$210,530 
OBX 2026-AHC2June 2026$339,988 
The Company is deemed to be the primary beneficiary and consolidates the OBX Trusts because it has power to direct the activities that most significantly impact the OBX Trusts’ performance and holds a variable interest that could be potentially significant to these VIEs. Although the residential mortgage loans have been sold for bankruptcy and state law purposes, the transfers of the residential mortgage loans to the OBX Trusts did not qualify for sale accounting and are reflected as intercompany secured borrowings that are eliminated upon consolidation. Effective August 1, 2022, upon initial consolidation of new securitization entities, the Company elected to apply the measurement alternative for consolidated collateralized financing entities in order to simplify the accounting and valuation processes. The liabilities of these securitization entities are deemed to be more observable and are used to measure the fair value of the assets.
As of June 30, 2026 and December 31, 2025, a total carrying value of $34.1 billion and $28.7 billion, respectively, of bonds were held by third parties and the Company retained $3.9 billion and $3.2 billion, respectively, of MBS, which were eliminated in consolidation. The contractual principal amount of the OBX Trusts’ debt held by third parties was $34.6 billion and $29.0 billion at June 30, 2026 and December 31, 2025, respectively. During the three months ended June 30, 2026 and 2025, the Company recorded $148.0 million and ($59.1) million, respectively, and $270.3 million and ($230.0) million during the six months ended June 30, 2026 and 2025, respectively, of unrealized gains (losses) on debt held by third parties issued by OBX Trusts, which is reported in Net gains (losses) on investments and other in the Company's Consolidated Statements of Comprehensive Income (Loss).
The Company exercised its optional redemption on two securitization trusts in March 2026 and two securitization trusts in June 2026 which liquidated the corresponding securitization trusts. Upon deconsolidation, for the three months ended June 30, 2026, there was a net $0.9 million gain and for the six months ended June 30, 2026, there was a net $1.1 million gain recognized in Net gains (losses) on investments and other in the Consolidated Statements of Comprehensive Income (Loss).
Structured Repurchase Transaction
The Company pledged securities retained from its OBX Trusts to a structured repurchase transaction, OBX 2025-SR1, to diversify its financing sources. The OBX 2025-SR1 Trust is deemed to be a VIE because the entity does not have sufficient equity at risk to finance its activities without additional subordinated financial support. The Company is deemed to be the primary beneficiary and consolidates the OBX 2025-SR1 Trust because it has power to direct the activities that most significantly impact the OBX Trusts’ performance and holds a variable interest that could be potentially significant to these VIEs. The securities issued by the OBX 2025-SR1 Trust are recognized as Debt issued by securitization vehicles in the Consolidated Statements of Financial Condition with changes in estimated fair value recognized within Net gains (losses) on investments and other in the Consolidated Statements of Comprehensive Income (Loss). This transaction provides recourse financing to the Company, a subsidiary and a fund it manages for their obligations as sellers under repurchase agreements.
The Company incurred $10.2 million and $5.7 million of costs during the three months ended June 30, 2026 and 2025, respectively, and $18.2 million and $12.5 million of costs during the six months ended June 30, 2026 and 2025, respectively, in connection with these OBX Trust securitizations that were expensed as incurred.
Residential Credit Fund
The Company manages a fund investing in participations in residential mortgage loans and mortgage-backed securities. The residential credit fund is deemed to be a VIE because the entity does not have sufficient equity at risk to permit the legal entity to finance its activities without additional subordinated financial support provided by any parties, including equity holders, as capital commitments are not considered equity at risk. The Company is not the primary beneficiary and does not consolidate the residential credit fund as its only interest in the fund is the management and performance fees that it earns, which are not considered variable interests in the entity. As of June 30, 2026 and December 31, 2025, the Company had outstanding participations issued in residential mortgage loans of $2.6 billion and $1.9 billion, respectively. These transfers do not meet the criteria for sale accounting and are accounted for as secured borrowings, thus the residential loans are reported as Loans, net and the associated liability is reported as Participations issued in the Consolidated Statements of Financial Condition. The Company elected the fair value option for participations issued with changes in fair value reflected in Net gains (losses) on investments and other in the Consolidated Statements of Comprehensive Income (Loss) to more accurately reflect the economics of the transfers as the underlying loans are carried at fair value through earnings.
v3.26.1
DERIVATIVE INSTRUMENTS
 6 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE INSTRUMENTS
9. DERIVATIVE INSTRUMENTS
Derivative instruments include, but are not limited to, interest rate swaps, options to enter into interest rate swaps (“swaptions”), TBA derivatives, U.S. Treasury and Secured Overnight Financing Rate (“SOFR”) futures contracts and certain forward purchase commitments. The Company may also enter into other types of mortgage derivatives such as interest-only securities, credit derivatives referencing the commercial mortgage-backed securities index and synthetic total return swaps. 
In connection with the Company’s investment/market rate risk management strategy, the Company economically hedges a portion of its interest rate risk by entering into derivative financial instrument contracts, which include interest rate swaps, swaptions and futures contracts. The Company may also enter into TBA derivatives, U.S. Treasury futures contracts, certain forward purchase commitments and credit derivatives to economically hedge its exposure to market risks. The purpose of using derivatives is to manage overall portfolio risk with the potential to generate additional income for distribution to stockholders. These derivatives are subject to changes in market values resulting from changes in interest rates, volatility, Agency mortgage-backed security spreads to U.S. Treasuries and market liquidity. The use of derivatives also creates exposure to credit risk relating to potential losses that could be recognized if the counterparties to these instruments fail to perform their obligations under the stated contract. Additionally, the Company may have to pledge cash or assets as collateral for the derivative transactions, the amount of which may vary based on the market value and terms of the derivative contract. In the case of market agreed coupon (“MAC”) interest rate swaps, the Company may make or receive a payment at the time of entering into such interest rate swaps, which represents fair value of these swaps, to compensate for the out of market nature of such interest rate swaps. Subsequent changes in fair value from inception of these interest rate swaps are reflected within Net gains (losses) on derivatives in the Consolidated Statements of Comprehensive Income (Loss). Similar to other interest rate swaps, the Company may have to pledge cash or assets as collateral for the MAC interest rate swap transactions. In the event of a default by the counterparty, the Company could have difficulty obtaining its pledged collateral as well as receiving payments in accordance with the terms of the derivative contracts.
Derivatives are recognized as either assets or liabilities at fair value in the Consolidated Statements of Financial Condition with changes in fair value recognized in the Consolidated Statements of Comprehensive Income (Loss). The changes in the estimated fair value are presented within Net gains (losses) on derivatives. None of the Company’s derivative transactions have been designated as hedging instruments for accounting purposes. 
The Company also maintains collateral in the form of cash on margin with counterparties to its interest rate swaps and other derivatives. In accordance with a clearing organization’s rulebook, the Company presents the fair value of centrally cleared interest rate swaps net of variation margin pledged or received under such transactions. At June 30, 2026 and December 31, 2025, ($2.7) billion and ($2.0) billion, respectively, of variation margin was reported as an adjustment to interest rate swaps, at fair value. Initial margin is reported in Cash and cash equivalents in the Consolidated Statements of Financial Condition.
Interest Rate Swap Agreements – Interest rate swap agreements are the primary instruments used to mitigate interest rate risk. In particular, the Company uses interest rate swap agreements to manage its exposure to changing interest rates on its repurchase agreements by economically hedging cash flows associated with these borrowings. The Company may have outstanding interest rate swap agreements where the floating leg is linked to the SOFR, the overnight index swap rate or another index. Interest rate swap agreements may or may not be cleared through a derivatives clearing organization (“DCO”). Uncleared interest rate swaps are fair valued using internal pricing models and compared to the counterparty market values. Centrally cleared interest rate swaps, including MAC interest rate swaps, are generally fair valued using the DCO’s market values. If an interest rate swap is
terminated, the realized gain (loss) on the interest rate swap would be equal to the difference between the cash received or paid and fair value.
Swaptions – Swaptions are purchased or sold to mitigate the potential impact of increases or decreases in interest rates. Interest rate swaptions provide the option to enter into an interest rate swap agreement for a predetermined notional amount, stated term and pay and receive interest rates in the future. The Company’s swaptions are not centrally cleared. The premium paid or received for swaptions is reported as an asset or liability in the Consolidated Statements of Financial Condition. If a swaption expires unexercised, the realized gain (loss) on the swaption would be equal to the premium received or paid. If the Company sells or exercises a swaption, the realized gain (loss) on the swaption would be equal to the difference between the cash received or the fair value of the underlying interest rate swap received and the premium paid. The fair value of swaptions are estimated using internal pricing models and compared to the counterparty market values.
TBA Dollar Rolls – TBA dollar roll transactions are accounted for as a series of derivative transactions. The fair value of TBA derivatives is based on methods similar to those used to value Agency mortgage-backed securities.
Futures Contracts – Futures contracts are derivatives that track the prices of specific assets or benchmark rates. Short sales of futures contracts help to mitigate the potential impact of changes in interest rates on the portfolio performance. The Company maintains margin accounts which are settled daily with Futures Commission Merchants (“FCMs”). The margin requirement varies based on the market value of the open positions and the equity retained in the account. Futures contracts are fair valued based on the pricing provided by the Chicago Mercantile Exchange (“CME”).
Forward Purchase Commitments – The Company may enter into forward purchase commitments with counterparties whereby the Company commits to purchasing residential mortgage loans at a particular price, provided the residential mortgage loans close with the counterparties. The counterparties are required to deliver the committed loans on a “best efforts” basis.

The following table summarizes fair value information about the Company’s derivative assets and liabilities at June 30, 2026 and December 31, 2025:
Derivatives InstrumentsJune 30, 2026December 31, 2025
Assets(dollars in thousands)
Interest rate swaps$14,137 $7,372 
Interest rate swaptions3,177 11,063 
TBA derivatives50,393 17,648 
Futures contracts1,800 71,065 
Purchase commitments12,277 8,385 
Total derivative assets$81,784 $115,533 
Liabilities 
Interest rate swaps$7,219 $16,385 
Interest rate swaptions2,099 11,931 
TBA derivatives3,092 13,163 
Futures contracts233,242 6,644 
Purchase commitments2,316 5,632 
Total derivative liabilities$247,968 $53,755 

The following tables summarize certain characteristics of the Company’s interest rate swaps at June 30, 2026 and December 31, 2025:
June 30, 2026
Maturity
Current Notional (1)(2)
Weighted Average Pay RateWeighted Average Receive Rate
Weighted Average Years to Maturity (3)
(dollars in thousands)
0 - 3 years
$35,205,637 3.40%3.69%1.29
3 - 6 years
18,864,704 2.73%3.81%4.57
6 - 10 years
18,106,627 3.39%3.72%7.69
Greater than 10 years
1,590,430 3.34%3.75%21.74
Total / Weighted average$73,767,398 3.20%3.73%4.14
December 31, 2025
Maturity
Current Notional (1)(2)
Weighted Average
Pay Rate		Weighted Average Receive Rate
Weighted Average Years to Maturity (3)
(dollars in thousands)
0 - 3 years
$29,577,637 3.55%3.88%1.36
3 - 6 years
14,646,904 2.67%3.99%4.54
6 - 10 years
17,018,427 3.03%3.90%7.25
Greater than 10 years
1,949,430 3.34%3.92%22.02
Total / Weighted average$63,192,398 3.15%3.92%4.23
(1) As of June 30, 2026, 98% and 2% of the Company’s interest rate swaps were linked to SOFR and the Federal funds rate, respectively. As of December 31, 2025, 98% and 2% of the Company’s interest rate swaps were linked to SOFR and the Federal funds rate, respectively.
(2) As of June 30, 2026, there were no forward starting swaps. There were $1.5 billion forward starting pay fixed swaps at December 31, 2025.
(3) The weighted average years to maturity of payer interest rate swaps is offset by the weighted average years to maturity of receiver interest rate swaps. As such, the net weighted average years to maturity for each maturity bucket may fall outside of the range listed.

The following tables summarize certain characteristics of the Company’s swaptions at June 30, 2026 and December 31, 2025:
June 30, 2026
Current Underlying NotionalWeighted Average Underlying Fixed RateWeighted Average Underlying Floating RateWeighted Average Underlying Years to MaturityWeighted Average Months to Expiration
(dollars in thousands)
Long receive$830,0003.54%SOFR7.455.22
Short receive(1,800,000)3.23%SOFR3.445.22
December 31, 2025
Current Underlying NotionalWeighted Average Underlying Fixed RateWeighted Average Underlying Floating RateWeighted Average Underlying Years to MaturityWeighted Average Months to Expiration
(dollars in thousands)
Long receive$830,0003.54%SOFR7.9411.25
Short receive(1,800,000)3.23%SOFR3.9411.25
The following tables summarize certain characteristics of the Company’s TBA derivatives at June 30, 2026 and December 31, 2025:
June 30, 2026
Purchase and Sale Contracts for TBA DerivativesNotionalImplied Cost BasisImplied Market ValueNet Carrying Value
(dollars in thousands)
Purchase contracts$7,777,000 $7,659,953 $7,708,118 $48,165 
Sale contracts(600,000)(490,380)(491,244)(864)
Net TBA derivatives$7,177,000 $7,169,573 $7,216,874 $47,301 
December 31, 2025
Purchase and Sale Contracts for TBA DerivativesNotionalImplied Cost BasisImplied Market ValueNet Carrying Value
(dollars in thousands)
Purchase contracts$3,861,000 $3,805,867 $3,814,118 $8,251 
Sale contracts(534,000)(553,266)(557,032)(3,766)
Net TBA derivatives$3,327,000 $3,252,601 $3,257,086 $4,485 
The following tables summarize certain characteristics of the Company’s futures derivatives at June 30, 2026 and December 31, 2025: 
June 30, 2026
 Notional - Long
Positions		Notional - Short
Positions		Weighted Average
Years to Maturity
 (dollars in thousands)
2-year swap equivalent SOFR contracts
$1,000,000 $(1,000,000)2.00
U.S. Treasury futures - 2 year
— (1,400,000)2.00
U.S. Treasury futures - 5 year
— (825,000)4.40
U.S. Treasury futures - 10 year and greater
— (14,452,900)10.86
U.S. swap futures - 10 year and greater
— (110,000)10.22
Total$1,000,000 $(17,787,900)9.80
December 31, 2025
 Notional - Long
Positions		Notional - Short
Positions		Weighted Average
Years to Maturity
 (dollars in thousands)
2-year swap equivalent SOFR contracts
$500,000 $(500,000)2.00
U.S. Treasury futures - 2 year
— (3,658,000)1.90
U.S. Treasury futures - 5 year
1,973,200 — 4.40
U.S. Treasury futures - 10 year and greater
— (12,399,900)11.33
Total$2,473,200 $(16,557,900)8.31
The Company presents derivative contracts on a gross basis in the Consolidated Statements of Financial Condition. Derivative contracts may contain legally enforceable provisions that allow for netting or setting off receivables and payables with each counterparty.
The following tables present information about derivative assets and liabilities that are subject to such provisions and can be offset in the Company’s Consolidated Statements of Financial Condition at June 30, 2026 and December 31, 2025, respectively.
June 30, 2026
 Amounts Eligible for Offset 
 Gross AmountsFinancial InstrumentsCash CollateralNet Amounts
Assets(dollars in thousands)
Interest rate swaps, at fair value$14,137 $(5,366)$— $8,771 
Interest rate swaptions, at fair value3,177 (2,099)— 1,078 
TBA derivatives, at fair value50,393 (36,890)(7,987)5,516 
Futures contracts, at fair value1,800 (1,800)— — 
Purchase commitments12,277 — — 12,277 
Liabilities 
Interest rate swaps, at fair value$7,219 $(7,219)$— $— 
Interest rate swaptions, at fair value2,099 (2,099)— — 
TBA derivatives, at fair value3,092 (3,092)— — 
Futures contracts, at fair value233,242 (1,800)(231,442)— 
Purchase commitments2,316 — — 2,316 
December 31, 2025
 Amounts Eligible for Offset 
 Gross AmountsFinancial InstrumentsCash CollateralNet Amounts
Assets(dollars in thousands)
Interest rate swaps, at fair value$7,372 $(2,295)$— $5,077 
Interest rate swaptions, at fair value11,063 (11,063)— — 
TBA derivatives, at fair value17,648 (6,603)(8,760)2,285 
Futures contracts, at fair value71,065 (6,644)— 64,421 
Purchase commitments8,385 — — 8,385 
Liabilities 
Interest rate swaps, at fair value$16,385 $(16,385)$— $— 
Interest rate swaptions, at fair value11,931 (11,063)(300)568 
TBA derivatives, at fair value13,163 (11,942)— 1,221 
Futures contracts, at fair value6,644 (6,644)— — 
Purchase commitments5,632 — — 5,632 
The effect of interest rate swaps in the Consolidated Statements of Comprehensive Income (Loss) is as follows:
Location on Consolidated Statements of Comprehensive Income (Loss)
 
Net Interest Component of Interest Rate Swaps (1)
Realized Gains (Losses) on Termination of Interest Rate Swaps (1)
Unrealized Gains (Losses) on Interest Rate Swaps (1)
For the three months ended(dollars in thousands)
June 30, 2026$87,458 $— $448,853 
June 30, 2025$185,650 $(31,792)$(492,183)
For the six months ended
June 30, 2026$184,305 $(5,750)$680,679 
June 30, 2025$377,195 $(75,581)$(1,245,784)
(1) Included in Net gains (losses) on derivatives in the Consolidated Statements of Comprehensive Income (Loss).
The effect of other derivative contracts in the Company’s Consolidated Statements of Comprehensive Income (Loss) is as follows:
Three Months Ended June 30, 2026
Derivative InstrumentsRealized Gain (Loss)Unrealized Gain (Loss)Amount of Gain/(Loss) Recognized in Net Gains (Losses) on Other Derivatives
(dollars in thousands)
Net TBA derivatives$(164,932)$150,058 $(14,874)
Net interest rate swaptions— 1,043 1,043 
Futures (1)
546,671 (527,268)19,403 
Purchase commitments— 10,543 10,543 
Total
$16,115 
(1) For the three months ended June 30, 2026, includes $1.8 million of realized gain and ($10.3) million of unrealized loss related to interest rate futures and options other than treasury futures.
Three Months Ended June 30, 2025
Derivative InstrumentsRealized Gain (Loss)Unrealized Gain (Loss)Amount of Gain/(Loss) Recognized in Net Gains (Losses) on Other Derivatives
(dollars in thousands)
Net TBA derivatives$(57,686)$74,703 $17,017 
Net interest rate swaptions(9,230)8,600 (630)
Futures (1)
154,654 (224,081)(69,427)
Purchase commitments— 2,580 2,580 
Total$(50,460)
(1) For the three months ended June 30, 2025, includes $0.5 million of realized gain and ($6.0) million of unrealized loss related to interest rate futures and options other than treasury futures.
Six Months Ended June 30, 2026
Derivative InstrumentsRealized Gain (Loss)Unrealized Gain (Loss)Amount of Gain/(Loss) Recognized in Net Gains (Losses) on Other Derivatives
(dollars in thousands)
Net TBA derivatives$(151,184)$42,816 $(108,368)
Net interest rate swaptions20,230 1,945 22,175 
Futures (1)
477,150 (295,864)181,286 
Purchase commitments— 7,211 7,211 
Total$102,304 
(1) For the six months ended June 30, 2026, includes $2.5 million of realized gain and ($13.9) million of unrealized loss related to interest rate futures and options other than treasury futures.
Six Months Ended June 30, 2025
Derivative InstrumentsRealized Gain (Loss)Unrealized Gain (Loss)Amount of Gain/(Loss) Recognized in Net Gains (Losses) on Other Derivatives
(dollars in thousands)
Net TBA derivatives$(72,041)$119,236 $47,195 
Net interest rate swaptions(9,230)— (9,230)
Futures (1)
68,298 (541,184)(472,886)
Purchase commitments— 12,439 12,439 
Total$(422,482)
(1) For the six months ended June 30, 2025, includes $9.5 million of realized gain and ($6.0) million of unrealized loss related to interest rate futures and options other than treasury futures.

Certain of the Company’s derivative contracts are subject to International Swaps and Derivatives Association Master Agreements or other similar agreements which may contain provisions that grant counterparties certain rights with respect to the applicable agreement upon the occurrence of certain events such as (i) a decline in stockholders’ equity in excess of specified thresholds or dollar amounts over set periods of time, (ii) the Company’s failure to maintain its REIT status, (iii) the
Company’s failure to comply with limits on the amount of leverage, and (iv) the Company’s stock being delisted from the New York Stock Exchange.
Upon the occurrence of any one of items (i) through (iv), or another default under the agreement, the counterparty to the applicable agreement has a right to terminate the agreement in accordance with its provisions. The aggregate fair value of all derivative instruments with the aforementioned features were in a net liability position at June 30, 2026.
v3.26.1
FAIR VALUE MEASUREMENTS
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS
10. FAIR VALUE MEASUREMENTS
The Company follows fair value guidance in accordance with GAAP to account for its financial instruments and MSR that are accounted for at fair value. The fair value of a financial instrument and MSR is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
GAAP requires classification of financial instruments and MSR into a three-level hierarchy based on the priority of the inputs to the valuation technique. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3).
If the inputs used to measure the financial instrument and MSR fall within different levels of the hierarchy, the categorization is based on the lowest priority input that is significant to the fair value measurement of the instrument. Financial assets and liabilities recorded at fair value in the Consolidated Statements of Financial Condition or disclosed in the related notes are categorized based on the inputs to the valuation techniques as follows:
Level 1 – inputs to the valuation methodology are quoted prices (unadjusted) for identical assets and liabilities in active markets.
Level 2 – inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.
Level 3 – inputs to the valuation methodology are unobservable and significant to overall fair value.
The following is a description of the valuation methodologies used for instruments carried at fair value. These methodologies are applied to assets and liabilities across the three-level fair value hierarchy, with the observability of inputs determining the appropriate level.
Futures contracts and U.S. Treasury securities are valued using quoted prices for identical instruments in active markets and are classified as Level 1.
Residential Securities, interest rate swaps, swaptions and other derivatives are valued using quoted prices or internally estimated prices for similar assets using internal models. The Company incorporates common market pricing methods, including a spread measurement to the Treasury curve as well as underlying characteristics of the particular security including coupon, prepayment speeds, periodic and life caps, rate reset period and expected life of the security in its estimates of fair value. Fair value estimates for residential mortgage loans are generated by a discounted cash flow model and are primarily based on observable market-based inputs including discount rates, prepayment speeds, delinquency levels, and credit losses. Management reviews and indirectly corroborates its estimates of the fair value derived using internal models by comparing its results to independent prices provided by dealers in the securities and/or third party pricing services. Certain liquid asset classes, such as Agency fixed-rate pass-throughs, may be priced using independent sources such as quoted prices for TBA securities.
Residential Securities, residential mortgage loans, interest rate swap, swaption and TBA derivative markets are considered to be active markets such that participants transact with sufficient frequency and volume to provide transparent pricing information on an ongoing basis. The liquidity of the Residential Securities, residential mortgage loans, interest rate swaps, swaptions and TBA derivatives markets and the similarity of the Company’s securities to those actively traded enable the Company to observe quoted prices in the market and utilize those prices as a basis for formulating fair value measurements. Consequently, the Company has classified Residential Securities, residential mortgage loans, interest rate swaps, swaptions and TBA derivatives as Level 2.
The fair value of commercial mortgage-backed securities classified as available-for-sale is determined based upon quoted prices of similar assets in recent market transactions and requires the application of judgment due to differences in the underlying collateral. Consequently, commercial mortgage-backed securities carried at fair value are classified as Level 2.
For the fair value of debt issued by securitization vehicles, refer to the “Variable Interest Entities” Note for additional information.
The Company has classified its investments in MSR as Level 3. Fair value estimates for these investments are obtained from models, which use significant unobservable inputs in their valuations. These valuations primarily utilize discounted cash flow models that incorporate unobservable market data inputs including discount rates, prepayment rates, delinquency rates and costs to service. Model valuations are then compared to valuations obtained from third party pricing providers. Management reviews the valuations received from third party pricing providers and uses them as a point of comparison to modeled values. The valuation of MSR requires significant judgment by management and the third party pricing providers. Assumptions used for which there is a lack of observable inputs may significantly impact the resulting fair value and therefore the Company’s financial statements.
The following tables present the estimated fair values of financial instruments and MSR measured at fair value on a recurring basis as of June 30, 2026 and December 31, 2025. There were no transfers between levels of the fair value hierarchy during the periods presented.
June 30, 2026
 Level 1Level 2Level 3Total
Assets(dollars in thousands)
Securities
Agency mortgage-backed securities$— $87,768,578 $— $87,768,578 
Credit risk transfer securities— 46,872 — 46,872 
Non-Agency mortgage-backed securities— 1,565,016 — 1,565,016 
Commercial mortgage-backed securities— 135,019 — 135,019 
Loans
Residential mortgage loans— 7,280,979 — 7,280,979 
Mortgage servicing rights— — 4,089,485 4,089,485 
Interests in MSR— — 106,775 106,775 
Assets transferred or pledged to securitization vehicles— 38,256,690 — 38,256,690 
Derivative assets
Interest rate swaps— 14,137 — 14,137 
Other derivatives1,800 65,847 — 67,647 
Total assets$1,800 $135,133,138 $4,196,260 $139,331,198 
Liabilities
Debt issued by securitization vehicles$— $34,366,098 $— $34,366,098 
Participations issued— 2,553,709 — 2,553,709 
Derivative liabilities
Interest rate swaps— 7,219 — 7,219 
Other derivatives233,242 7,507 — 240,749 
Total liabilities$233,242 $36,934,533 $— $37,167,775 
December 31, 2025
 Level 1Level 2Level 3Total
Assets(dollars in thousands)
Securities
Agency mortgage-backed securities$— $89,628,654 $— $89,628,654 
Credit risk transfer securities— 213,800 — 213,800 
Non-Agency mortgage-backed securities— 1,445,176 — 1,445,176 
Loans
Residential mortgage loans— 5,020,784 — 5,020,784 
Mortgage servicing rights— — 3,645,865 3,645,865 
Interests in MSR— — 28,626 28,626 
Assets transferred or pledged to securitization vehicles— 32,067,433 — 32,067,433 
Derivative assets
Interest rate swaps— 7,372 — 7,372 
Other derivatives71,065 37,096 — 108,161 
Total assets$71,065 $128,420,315 $3,674,491 $132,165,871 
Liabilities
Debt issued by securitization vehicles$— $28,918,753 $— $28,918,753 
Participations issued— 1,932,655 — 1,932,655 
U.S. Treasury securities sold, not yet purchased2,396,724 — — 2,396,724 
Derivative liabilities
Interest rate swaps— 16,385 — 16,385 
Other derivatives6,644 30,726 — 37,370 
Total liabilities$2,403,368 $30,898,519 $— $33,301,887 
Qualitative and Quantitative Information about Level 3 Fair Value Measurements
The Company considers unobservable inputs to be those for which market data is not available and that are developed using the best information available to us about the assumptions that market participants would use when pricing the asset. Relevant inputs vary depending on the nature of the instrument being measured at fair value. The sensitivities of significant unobservable inputs along with interrelationships between and among the significant unobservable inputs and their impact on the fair value measurements are described below. The effect of a change in a particular assumption in the sensitivity analysis below is considered independently from changes in any other assumptions. In practice, simultaneous changes in assumptions may not always have a linear effect on the inputs discussed below. Interrelationships may also exist between observable and unobservable inputs. Such relationships have not been included in the discussion below. For each of the individual relationships described below, the inverse relationship would also generally apply. For MSR, in general, increases in the discount, prepayment or delinquency rates or in annual servicing costs in isolation would result in a lower fair value measurement. A decline in interest rates could lead to higher-than-expected prepayments of mortgages underlying the Company’s investments in MSR, which in turn could result in a decline in the estimated fair value of MSR. Refer to the “Mortgage Servicing Rights” Note for additional information, including rollforwards.
The following table presents information about the significant unobservable inputs used for recurring fair value measurements for Level 3 MSR. The table does not give effect to the Company’s risk management practices that might offset risks inherent in these Level 3 investments.
Unobservable Input (1)
Range (Weighted Average) (2)
June 30, 2026December 31, 2025
Discount rate
5.6% - 11.2% (7.8%)
4.7% - 12.0% (7.9%)
Prepayment rate
4.7% - 18.7% (5.9%)
4.6% - 22.8% (5.8%)
Delinquency rate
0.2% - 4.7% (1.2%)
0.2% - 3.7% (1.1%)
Cost to service
$68 - $92 ($80)
$68 - $93 ($82)
(1) Represents rates, estimates and assumptions that the Company believes would be used by market participants when valuing these assets.
(2) Weighted average discount rate computed based on the fair value of MSR, weighted average prepayment rate, delinquency rate and cost to service based on unpaid principal balances of loans underlying the MSR.
The following table summarizes the estimated fair values for financial assets and liabilities that are not carried at fair value at June 30, 2026 and December 31, 2025.
 June 30, 2026December 31, 2025
 Carrying
Value		Fair
Value		Carrying
Value		Fair
Value
Financial assets(dollars in thousands)
Reverse repurchase agreements$33,047$33,047$34,389$34,389
Financial liabilities
Repurchase agreements$86,895,874$86,895,874$81,865,723$81,865,723
Other secured financing1,125,0001,125,0001,075,0001,075,000
 
The carrying values of repurchase agreements and other secured financing approximate fair value and are considered Level 2 fair value measurements.
v3.26.1
INTANGIBLE ASSETS
 6 Months Ended
Jun. 30, 2026
Intangible Asset, Goodwill and Other [Abstract]  
INTANGIBLE ASSETS
11. INTANGIBLE ASSETS
Intangible assets, net
Finite life intangible assets are amortized over their expected useful lives. As part of the Company’s management internalization transaction, which closed on June 30, 2020, the Company recognized an intangible asset for the acquired assembled workforce of approximately $41.2 million based on the replacement cost of the employee base acquired by the Company.


The following table presents the activity of finite lived intangible assets for the six months ended June 30, 2026.
Intangible Assets, net
(dollars in thousands)
Beginning balance January 1, 2026
$6,726 
Less: amortization expense(1,346)
Ending balance June 30, 2026
$5,380 
v3.26.1
SECURED FINANCING
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
SECURED FINANCING
12. SECURED FINANCING
Reverse Repurchase and Repurchase Agreements – The Company finances a significant portion of its assets with repurchase agreements. At the inception of each transaction, the Company assessed each of the specified criteria in ASC 860, Transfers and Servicing, and has determined that each of the financing agreements should be treated as a secured financing.
The Company enters into reverse repurchase agreements to earn a yield on excess cash balances. To mitigate credit exposure, the Company monitors the market value of these securities and delivers or obtains additional collateral based on changes in market value of these securities. Generally, the Company receives or posts collateral with a fair value approximately equal to or greater than the value of the secured financing.
Reverse repurchase agreements and repurchase agreements with the same counterparty and the same maturity are presented net in the Consolidated Statements of Financial Condition when the terms of the agreements meet the criteria to permit netting. The Company reports cash flows on repurchase agreements as financing activities and cash flows on reverse repurchase agreements as investing activities in the Consolidated Statements of Cash Flows.
The Company had outstanding $86.9 billion and $81.9 billion of repurchase agreements with weighted average remaining maturities of 33 days and 35 days and weighted average rates of 3.85% and 4.02% at June 30, 2026 and December 31, 2025, respectively. In connection with its residential mortgage loans, the Company had select arrangements with counterparties to enter into repurchase agreements for $6.1 billion with remaining capacity of $2.4 billion at June 30, 2026.
At June 30, 2026 and December 31, 2025, the repurchase agreements had the following remaining maturities and collateral types: 
June 30, 2026
 Agency Mortgage-Backed SecuritiesCRTsNon-Agency Mortgage-Backed SecuritiesResidential Mortgage LoansCommercial Mortgage-Backed SecuritiesTotal Repurchase Agreements
 (dollars in thousands)
1 day$35,324,478 $— $26,890 $— $— $35,351,368 
2 to 29 days12,595,792 — 1,277,694 — — 13,873,486 
30 to 59 days27,132,432 — 904,094 — — 28,036,526 
60 to 89 days4,954,581 — 527,659 — — 5,482,240 
90 to 119 days1,909 — 87,054 — — 88,963 
Over 119 days (1)
8,606 — 437,873 3,666,812 — 4,113,291 
Total$80,017,798 $— $3,261,264 $3,666,812 $— $86,945,874 
Amounts offset in accordance with netting arrangements(50,000)
Net amounts of Repurchase agreements as presented in the Consolidated Statements of Financial Condition$86,895,874 
December 31, 2025
 Agency Mortgage-Backed SecuritiesCRTsNon-Agency Mortgage-Backed SecuritiesResidential Mortgage LoansCommercial Mortgage-Backed SecuritiesTotal Repurchase Agreements
 (dollars in thousands)
1 day$— $— $— $— $— $— 
2 to 29 days43,487,076 96,162 1,371,672 — — 44,954,910 
30 to 59 days31,834,906 — 376,364 519,921 — 32,731,191 
60 to 89 days3,969,641 — 655,204 — — 4,624,845 
90 to 119 days— — 18,763 165,305 — 184,068 
Over 119 days (1)
— — 275,341 1,532,712 — 1,808,053 
Total$79,291,623 $96,162 $2,697,344 $2,217,938 $— $84,303,067 
Amounts offset in accordance with netting arrangements(2,437,344)
Net amounts of Repurchase agreements as presented in the Consolidated Statements of Financial Condition$81,865,723 
(1) Less than 1% of repurchase agreements had a remaining maturity over 1 year at June 30, 2026 and December 31, 2025.
The following table summarizes the gross amounts of reverse repurchase agreements and repurchase agreements, amounts offset in accordance with netting arrangements and net amounts of repurchase agreements and reverse repurchase agreements as presented in the Consolidated Statements of Financial Condition at June 30, 2026 and December 31, 2025. Refer to the “Derivative Instruments” Note for information related to the effect of netting arrangements on the Company’s derivative instruments.
 June 30, 2026December 31, 2025
 Reverse Repurchase AgreementsRepurchase AgreementsReverse Repurchase AgreementsRepurchase Agreements
 (dollars in thousands)
Gross amounts$83,047 $86,945,874 $2,471,733 $84,303,067 
Amounts offset(50,000)(50,000)(2,437,344)(2,437,344)
Netted amounts$33,047 $86,895,874 $34,389 $81,865,723 
The fair value of collateral received in connection with reverse repurchase agreements as of June 30, 2026 was $83.0 million, of which the Company sold $0.0 million. The fair value of collateral received in connection with reverse repurchase agreements as of December 31, 2025 was $2.5 billion, of which the Company sold $2.4 billion. The amount of collateral sold is reported at fair value in the Company’s Consolidated Statements of Financial Condition as U.S. Treasury securities sold, not yet purchased.
Other Secured Financing - As of June 30, 2026, the Company had $2.3 billion in total committed credit facilities to finance a portion of its MSR portfolio. Outstanding borrowings under these facilities as of June 30, 2026 totaled $1.1 billion with maturities ranging between six months to two years. As of December 31, 2025, the Company had $2.2 billion in total committed credit facilities to finance a portion of its MSR portfolio. Outstanding borrowings under these facilities as of December 31, 2025 totaled $1.1 billion with maturities ranging between one to two years. The weighted average interest rate of the borrowings was 6.23% and 6.44% as of June 30, 2026 and December 31, 2025, respectively. Borrowings are reported in Other secured financing in the Company’s Consolidated Statements of Financial Condition.
Investments pledged as collateral under secured financing arrangements and interest rate swaps, excluding residential mortgage loans of consolidated VIEs, had an estimated fair value and accrued interest of $91.1 billion and $434.3 million, respectively, at June 30, 2026 and $89.0 billion and $404.1 million, respectively, at December 31, 2025.
v3.26.1
CAPITAL STOCK
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
CAPITAL STOCK
13. CAPITAL STOCK
(A)    Common Stock
The following table provides a summary of the Company’s common shares authorized, and issued and outstanding at June 30, 2026 and December 31, 2025.
Shares authorizedShares issued and outstanding
June 30, 2026December 31, 2025June 30, 2026December 31, 2025Par Value
Common stock
1,456,750,000 1,456,750,000 750,574,308 706,972,452 $0.01

In January 2025, the Company announced that its Board authorized the repurchase of up to $1.5 billion of its outstanding shares of common stock through December 31, 2029 (the “Common Stock Repurchase Program”). During the three and six months ended June 30, 2026 and 2025, no shares were repurchased under the Common Stock Repurchase Program.
On September 20, 2024, the Company entered into separate Distribution Agency Agreements (collectively, the “2024 Sales Agreements”) with each of Barclays Capital Inc., BNP Paribas Securities Corp., BofA Securities, Inc., Citizens JMP Securities, LLC, Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Keefe, Bruyette & Woods, Inc., Morgan Stanley & Co., LLC, RBC Capital Markets, LLC, UBS Securities LLC and Wells Fargo Securities, LLC (collectively, the “2024 Sales Agents”). Under the terms of the 2024 Sales Agreements, the Company offered and sold shares of its common stock, having an aggregate offering price of up to $1.5 billion, from time to time through any of the 2024 Sales Agents (the “2024 At-The-Market Sales Program”).
On May 8, 2025, the Company entered into separate Distribution Agency Agreements (collectively, the “Prior Sales Agreements”) with each of Barclays Capital Inc., BNP Paribas Securities Corp., BofA Securities, Inc., BTIG, LLC, Citizens JMP Securities, LLC, Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Keefe, Bruyette & Woods, Inc., Morgan Stanley & Co., LLC, Piper Sandler & Co., RBC Capital Markets, LLC, UBS Securities LLC and Wells Fargo Securities, LLC (the “Sales Agents”), which terminated and replaced the 2024 Sales Agreements. Under the terms of the Prior Sales Agreements, the Company offered and sold shares of its common stock, having an aggregate offering price of up to $2.0 billion, from time to time through any of the Sales Agents (the "Prior At-The-Market Sales Program").
On December 22, 2025, the Company entered into separate Distribution Agency Agreements (collectively, the “Sales Agreements”) with each of the Sales Agents, which terminated and replaced the Prior Sales Agreements. Under the terms of the Sales Agreements, the Company may offer and sell shares of its common stock, having an aggregate offering price of up to $2.5 billion, from time to time through any of the Sales Agents (the "Current At-The-Market Sales Program" and, together with the 2024 At-The-Market Sales Program and the Prior At-The-Market Sales Program, the "at-the-market sales program").
During the three and six months ended June 30, 2026, under the at-the-market sales program, the Company issued 20.3 million and 42.6 million shares for proceeds of $447.2 million and $955.7 million, respectively, each net of commissions and fees. During the three and six months ended June 30, 2025, under the at-the-market sales program, the Company issued 39.7 million and 63.0 million shares for proceeds of $761.2 million and $1.3 billion, respectively, each net of commissions and fees.

(B)    Preferred Stock
The following is a summary of the Company’s cumulative redeemable preferred stock outstanding at June 30, 2026 and December 31, 2025. In the event of a liquidation or dissolution of the Company, the Company’s then outstanding preferred stock takes precedence over the Company’s common stock with respect to payment of dividends and the distribution of assets.
Shares AuthorizedShares Issued And OutstandingCarrying ValueContractual Rate
Earliest Redemption Date (1)
Effective Date of Floating Rate Dividend Period
Floating Annual Rate (2)
June 30, 2026December 31, 2025June 30, 2026December 31, 2025June 30, 2026December 31, 2025
Fixed-rate(dollars in thousands)
Series J11,500,000 11,500,000 11,000,000 11,000,000 $265,911 $265,911 8.875%9/30/2030NANA
Fixed-to-floating rate
Series F28,800,000 28,800,000 28,800,000 28,800,000 696,910 696,910 6.95%9/30/20229/30/2022
3M Term SOFR + 4.993%
Series G17,000,000 17,000,000 17,000,000 17,000,000 411,335 411,335 6.50%3/31/20233/31/2023
3M Term SOFR + 4.172%
Series I17,700,000 17,700,000 17,700,000 17,700,000 428,324 428,324 6.75%6/30/20246/30/2024
3M Term SOFR + 4.989%
Subtotal63,500,000 63,500,000 63,500,000 63,500,000 $1,536,569 $1,536,569 
Total75,000,000 75,000,000 74,500,000 74,500,000 $1,802,480 $1,802,480 
(1) Subject to the Company’s right under limited circumstances to redeem preferred stock earlier in order to preserve its qualification as a REIT or under limited circumstances related to a change in control of the Company.
(2) For each series of fixed-to-floating rate cumulative redeemable preferred stock, the floating rate is calculated as 3-month CME Term SOFR (plus a spread adjustment of 0.26161%) plus the spread specified in the prospectus.
Each series of preferred stock has a par value of $0.01 per share and a liquidation and redemption price of $25.00, plus accrued and unpaid dividends through their redemption date. Through June 30, 2026, the Company had declared and paid all required quarterly dividends on the Company’s preferred stock.
The Series F Fixed-to-Floating Rate Cumulative Preferred Stock, Series G Fixed-to-Floating Rate Cumulative Preferred Stock, Series I Fixed-to-Floating Rate Cumulative Preferred Stock and Series J Fixed-Rate Cumulative Preferred Stock rank senior to the common stock of the Company.
On December 31, 2024, the Board approved a repurchase plan for all of our existing outstanding Fixed-to-Floating Rate Preferred Stock (as defined below) (the “Preferred Stock Repurchase Program”). Under the terms of the Preferred Stock Repurchase Program, we are authorized to repurchase up to an aggregate of 63,500,000 shares of Fixed-to-Floating Rate Preferred Stock, comprised of up to (i) 28,800,000 shares of its 6.95% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share (the “Series F Preferred Stock”), (ii) 17,000,000 shares of its 6.50% Series G Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share (the “Series G Preferred Stock”), and (iii) 17,700,000 shares of its 6.75% Series I Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share (the “Series I Preferred Stock”, and together with Series F Preferred Stock and Series G Preferred Stock, the “Fixed-to-Floating Rate Preferred Stock”). The aggregate liquidation value of the Fixed-to-Floating Rate Preferred Stock that may be repurchased by the Company pursuant to the Preferred Stock Repurchase Program, as of June 30, 2026, was approximately $1.6 billion.

The Preferred Stock Repurchase Program became effective on January 1, 2025 and will expire on December 31, 2029. During the three and six months ended June 30, 2026 and 2025, no shares were repurchased under the Preferred Stock Repurchase Program.

(C)    Distributions to Stockholders
The following table provides a summary of the Company’s dividend distribution activity for the periods presented:
 For the Three Months Ended
For the Six Months Ended
 June 30, 2026June 30, 2025June 30, 2026June 30, 2025
 (dollars in thousands, except per share data)
Dividends and dividend equivalents declared on common stock and share-based awards$565,881 $452,199 $1,080,171 $876,062 
Distributions declared per common share$0.75 $0.70 $1.45 $1.40 
Distributions paid to common stockholders after period end$562,931 $449,453 $562,931 $449,453 
Distributions paid per common share after period end$0.75 $0.70 $0.75 $0.70 
Date of distributions paid to common stockholders after period endJuly 31, 2026July 31, 2025July 31, 2026July 31, 2025
Dividends declared to series F preferred stockholders$16,118 $17,197 $32,186 $34,447 
Dividends declared per share of series F preferred stock$0.560 $0.597 $1.118 $1.196 
Dividends declared to series G preferred stockholders$8,738 $9,381 $17,350 $18,691 
Dividends declared per share of series G preferred stock$0.514 $0.552 $1.021 $1.100 
Dividends declared to series I preferred stockholders$10,011 $10,682 $19,881 $21,279 
Dividends declared per share of series I preferred stock$0.566 $0.603 $1.123 $1.202 
Dividends declared to series J preferred stockholders$6,169 $— $12,271 $— 
Dividends declared per share of series J preferred stock$0.561 $— $1.116 $— 
v3.26.1
INTEREST INCOME AND INTEREST EXPENSE
 6 Months Ended
Jun. 30, 2026
Banking and Thrift, Interest [Abstract]  
INTEREST INCOME AND INTEREST EXPENSE
14. INTEREST INCOME AND INTEREST EXPENSE
Refer to the “Significant Accounting Policies” Note for details surrounding the Company’s accounting policy related to net interest income on securities and loans.
The following table summarizes the interest income recognition methodology for Residential Securities:
 Interest Income Methodology
Agency 
Fixed-rate pass-through (1)
Effective yield (3)
Adjustable-rate pass-through (1)
Effective yield (3)
Multifamily (1)
Contractual Cash Flows
CMO (1)
Effective yield (3)
Reverse mortgages (2)
Prospective
Interest-only (2)
Prospective
Residential credit 
CRT (2)
Prospective
Non-QM (2)
Prospective
Prime (2)
Prospective
SBC (2)
Prospective
NPL/RPL (2)
Prospective
RTL (2)
Prospective
Prime jumbo interest-only (2)
Prospective
(1) Changes in fair value are recognized in Other comprehensive income (loss) in the accompanying Consolidated Statements of Comprehensive Income (Loss) for securities purchased prior to July 1, 2022. Effective July 1, 2022, changes in fair value are recognized in Net gains (losses) on investments and other in the accompanying Consolidated Statements of Comprehensive Income (Loss) for newly purchased securities.
(2) Changes in fair value are recognized in Net gains (losses) on investments and other in the accompanying Consolidated Statements of Comprehensive Income (Loss).
(3) Effective yield is recalculated for differences between estimated and actual prepayments and the amortized cost is adjusted as if the new effective yield had been applied since inception.

The following table presents the components of the Company’s interest income and interest expense for the three and six months ended June 30, 2026 and 2025.
 For the Three Months Ended
For the Six Months Ended
 June 30, 2026June 30, 2025June 30, 2026June 30, 2025
Interest income(dollars in thousands)
Agency securities$1,094,724 $875,937 $2,179,135 $1,696,119 
Residential credit securities30,679 36,853 62,101 77,060 
Residential mortgage loans (1)
674,055 467,959 1,270,844 894,014 
Commercial investment portfolio4,664 163 6,286 1,218 
Reverse repurchase agreements8,076 37,981 18,762 67,590 
Total interest income$1,812,198 $1,418,893 $3,537,128 $2,736,001 
Interest expense  
Repurchase agreements$846,551 $775,918 $1,679,498 $1,536,701 
Debt issued by securitization vehicles438,892 312,383 837,025 595,975 
Participations issued38,562 30,738 71,455 57,782 
U.S. Treasury securities sold, not yet purchased— 26,654 8,266 52,372 
Total interest expense$1,324,005 $1,145,693 $2,596,244 $2,242,830 
Net interest income$488,193 $273,200 $940,884 $493,171 
(1) Includes assets transferred or pledged to securitization vehicles.
v3.26.1
NET INCOME (LOSS) PER COMMON SHARE
 6 Months Ended
Jun. 30, 2026
Earnings Per Share [Abstract]  
NET INCOME (LOSS) PER COMMON SHARE
15. NET INCOME (LOSS) PER COMMON SHARE
The following table presents a reconciliation of net income (loss) and shares used in calculating basic and diluted net income (loss) per share for the three and six months ended June 30, 2026 and 2025.
 For the Three Months Ended
For the Six Months Ended
 June 30, 2026June 30, 2025June 30, 2026June 30, 2025
 (dollars in thousands, except per share data)
Net income (loss)$827,773 $60,371 $1,118,288 $190,676 
Net income (loss) attributable to noncontrolling interests5,100 3,272 12,963 9,353 
Net income (loss) attributable to Annaly 822,673 57,099 1,105,325 181,323 
Dividends on preferred stock (1)
41,036 37,260 81,688 74,417 
Net income (loss) available (related) to common stockholders$781,637 $19,839 $1,023,637 $106,906 
Weighted average shares of common stock outstanding-basic738,926,270 620,208,712 730,798,630 603,770,531 
Add: Effect of stock awards, if dilutive1,329,977 894,506 1,519,091 1,111,764 
Weighted average shares of common stock outstanding-diluted740,256,247 621,103,218 732,317,721 604,882,295 
Net income (loss) per share available (related) to common share
Basic$1.06 $0.03 $1.40 $0.18 
Diluted$1.06 $0.03 $1.40 $0.18 

There were no potentially dilutive restricted stock units or performance stock units for the three and six months ended June 30, 2026 and 2025.
v3.26.1
INCOME TAXES
 6 Months Ended
Jun. 30, 2026
Income Tax Disclosure [Abstract]  
INCOME TAXES
16. INCOME TAXES
For the three months ended June 30, 2026, the Company was qualified to be taxed as a REIT under Code Sections 856 through 860. As a REIT, the Company will not incur federal income tax to the extent that it distributes its taxable income to its stockholders. To maintain qualification as a REIT, the Company must distribute at least 90% of its annual REIT taxable income to its stockholders and meet certain other requirements that relate to, among other things, assets it may hold, income it may generate and its stockholder composition. It is generally the Company’s policy to distribute 100% of its REIT taxable income. To the extent there is any undistributed REIT taxable income at the end of a year, the Company distributes such shortfall within the next year as permitted by the Code.
The Company and certain of its direct and indirect subsidiaries, including Annaly TRS, Inc. and certain subsidiaries of joint ventures, have made separate joint elections to treat these subsidiaries as TRSs. As such, each of these TRSs is taxable as a domestic C corporation and subject to federal, state and local income taxes based upon their taxable income.
The provisions of ASC 740, Income Taxes (“ASC 740”), clarify the accounting for uncertainty in income taxes recognized in financial statements and prescribe a recognition threshold and measurement attribute for uncertain tax positions taken or expected to be taken on a tax return. ASC 740 also requires that interest and penalties related to unrecognized tax benefits be recognized in the financial statements. As of June 30, 2026, the Company does not have any unrecognized tax benefits that would affect its financial position. Thus, no accruals for penalties and interest were deemed necessary at June 30, 2026 and December 31, 2025.
The state and local tax jurisdictions for which the Company is subject to tax-filing obligations recognize the Company’s status as a REIT and, therefore, the Company generally does not pay income tax in such jurisdictions. The Company may, however, be subject to certain minimum state and local tax filing fees as well as certain excise, franchise or business taxes. The Company’s TRSs are subject to federal, state and local taxes. The Company’s federal, state and local tax returns from 2022 and forward remain open for examination.
During the three and six months ended June 30, 2026, the Company recorded $6.9 million and $5.4 million, respectively, of income tax expense attributable to its TRSs. During the three and six months ended June 30, 2025, the Company recorded $0.4 million and $8.7 million, respectively, of income tax expense attributable to its TRSs.

 For the Three Months Ended
For the Six Months Ended
 June 30, 2026June 30, 2025June 30, 2026June 30, 2025
 (dollars in thousands)(dollars in thousands)
Current Tax Expense (Benefit)
Federal$(557)$— $839 $— 
State and local(69)— 104 13 
Total current income tax expense (benefit)$(626)$— $943 $13 
Deferred Tax Expense (Benefit)
Federal$6,871 $385 $4,051 $7,607 
State and local654 55 386 1,087 
Total deferred income tax expense (benefit)$7,525 $440 $4,437 $8,694 
Total income tax expense (benefit)$6,899 $440 $5,380 $8,707 

The difference between the Company's reported income tax provision and the U.S. federal statutory rate of 21.0% is as follows:    
 For the Three Months Ended
For the Six Months Ended
 June 30, 2026June 30, 2025June 30, 2026June 30, 2025
(dollars in thousands)(percentage)(dollars in thousands)(percentage)
Statutory federal income tax rate$175,281 21.0%21.0%$235,970 21.0%21.0%
Non-taxable REIT income(158,799)(19.0%)(8.8%)(190,949)(17.0%)(12.8%)
State and local taxes, net of federal income tax effect (1)
585 0.1%3.0%490 —%3.0%
VIE and Other(8,201)(1.1%)(14.5%)(38,689)(3.4%)(6.9%)
TRS Permanent Differences(1,967)(0.2%)—%(1,442)(0.1%)—%
Change in valuation allowance— —%—%— —%—%
Total provision$6,899 0.8%0.7%$5,380 0.5%4.3%
(1) State and local taxes in New York made up the majority (greater than 50 percent) of the tax effect in this category.
During the three and six months ended June 30, 2026, the amount of cash income taxes paid by the Company (net of refunds) consists of the following:
 For the Three Months Ended
For the Six Months Ended
 June 30, 2026June 30, 2026
(dollars in thousands)
Federal$550 $550 
State and local822 876 
Total income taxes paid (net of refunds)$1,372 $1,426 

As of June 30, 2026, the Company recorded a net deferred tax asset of $94.9 million resulting primarily from net operating loss carryforwards and securitization gains, and a net deferred tax liability of $161.4 million resulting primarily from unrealized gains on MSR, residential mortgage loans, forward purchase commitments, and interest rate swaps, which are included in Other assets and Other liabilities, respectively, in the Consolidated Statements of Financial Condition. As of June 30, 2026, no valuation allowance was established.
As of June 30, 2026, the Company's TRSs had approximately $92.4 million of net operating loss carryforwards for federal income tax purposes which may be available to offset future taxable income, including approximately $7.7 million of net operating loss carryforwards that are subject to an annual limitation under Internal Revenue Code Section 382 and $84.7 million that can be carried forward indefinitely.
v3.26.1
SEGMENTS
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
SEGMENTS
17. SEGMENTS
The Company operates in three reportable segments further described in the Description of Business Note. The accounting policies applied to the segments are the same as those described in the summary of significant accounting policies, with the exception of allocations between segments related to net interest income and other comprehensive income (loss), which are reflected in Other income (loss), and allocations between segments related to investment balances, which are presented net of associated financings in Total Assets. These allocations are made to reflect the economic hedging relationship between investments within different operating segments. Activities that are not directly attributable or not allocated to any of the three current operating segments (such as preferred stock dividends and corporate existence costs) are reported under Corporate and Other as reconciling items to the Company’s consolidated financial statements. The tables below summarize the result of operations and total assets by segment that are provided to the Chief Operating Decision Maker (CODM), which is the Company’s Operating Committee. Comprehensive income is the measure of segment profit or loss that is determined in accordance with the measurement principles used in measuring the corresponding amounts in the consolidated financial statements and is a key determinant of the Company’s economic return (computed as the change in stockholders’ equity attributable to common stockholders plus common stock dividends declared divided by the prior period’s stockholders’ equity attributable to common stockholders), a measure which is used by the CODM to evaluate segment results and is one of the factors considered in determining capital allocation among the segments.
The following tables present the reportable operating segments related to the Company’s results of operations for the three and six months ended June 30, 2026 and 2025:
Three Months Ended June 30, 2026
 AgencyResidential CreditMSRCorporate & OtherConsolidated
(dollars in thousands)
Interest income$1,102,237 $709,961 $— $— $1,812,198 
Interest expense755,259 568,746 — — 1,324,005 
Net interest income346,978 141,215 — — 488,193 
Servicing and related income— — 175,059 — 175,059 
Servicing and related expense— — 17,835 — 17,835 
Net servicing income— — 157,224 — 157,224 
Other income (loss)238,951 34,412 (25,231)(688)247,444 
Less: Total general and administrative expenses18,968 19,600 11,018 8,603 58,189 
Income (loss) before income taxes566,961 156,027 120,975 (9,291)834,672 
Income taxes581 1,772 4,546 — 6,899 
Net income (loss)566,380 154,255 116,429 (9,291)827,773 
Less: Net income (loss) attributable to noncontrolling interest— 5,100 — — 5,100 
Net income (loss) attributable to Annaly566,380 149,155 116,429 (9,291)822,673 
Dividends on preferred stock— — — 41,036 41,036 
Net income (loss) available (related) to common stockholders566,380 149,155 116,429 (50,327)781,637 
Unrealized gains (losses) on available-for-sale securities(23,400)— — — (23,400)
Reclassification adjustment for net (gains) losses included in net income (loss)— — — — — 
Other comprehensive income (loss)(23,400)— — — (23,400)
Comprehensive income (loss)542,980 154,255 116,429 (9,291)804,373 
Comprehensive income (loss) attributable to noncontrolling interests— 5,100 — — 5,100 
Comprehensive income (loss) attributable to Annaly$542,980 $149,155 $116,429 $(9,291)$799,273 
Noncash investing and financing activities:
Receivable for unsettled trades92,317 — 12,405 — 104,722 
Payable for unsettled trades262,764 14,443 54,379 — 331,586 
Net change in unrealized gains (losses) on available-for-sale securities, net of reclassification adjustment(23,400)— — — (23,400)
Dividends declared, not yet paid— — — 562,931 562,931 
Total assets
Total assets$90,585,914 $48,138,201 $4,985,815 $31,246 $143,741,176 
Three Months Ended June 30, 2025
 AgencyResidential CreditMSRCorporate & OtherConsolidated
(dollars in thousands)
Interest income$913,267 $505,463 $— $163 $1,418,893 
Interest expense731,316 414,222 — 155 1,145,693 
Net interest income181,951 91,241 — 8 273,200 
Servicing and related income— — 141,670 — 141,670 
Servicing and related expense— — 14,571 — 14,571 
Net servicing income— — 127,099 — 127,099 
Other income (loss)(252,852)(193)(39,372)2,947 (289,470)
Less: Total general and administrative expenses16,551 15,917 9,243 8,307 50,018 
Income (loss) before income taxes(87,452)75,131 78,484 (5,352)60,811 
Income taxes(130)(8,217)8,833 (46)440 
Net income (loss)(87,322)83,348 69,651 (5,306)60,371 
Less: Net income (loss) attributable to noncontrolling interest— 3,272 — — 3,272 
Net income (loss) attributable to Annaly(87,322)80,076 69,651 (5,306)57,099 
Dividends on preferred stock— — — 37,260 37,260 
Net income (loss) available (related) to common stockholders(87,322)80,076 69,651 (42,566)19,839 
Unrealized gains (losses) on available-for-sale securities33,559 — — — 33,559 
Reclassification adjustment for net (gains) losses included in net income (loss)13,797 — — — 13,797 
Other comprehensive income (loss)47,356 — — — 47,356 
Comprehensive income (loss)(39,966)83,348 69,651 (5,306)107,727 
Comprehensive income (loss) attributable to noncontrolling interests— 3,272 — — 3,272 
Comprehensive income (loss) attributable to Annaly$(39,966)$80,076 $69,651 $(5,306)$104,455 
Noncash investing and financing activities:
Receivable for unsettled trades1,104,920 — 29,976 — 1,134,896 
Payable for unsettled trades1,479,249 — 59,277 — 1,538,526 
Net change in unrealized gains (losses) on available-for-sale securities, net of reclassification adjustment47,356 — — — 47,356 
Dividends declared, not yet paid— — — 449,453 449,453 
Total assets
Total assets$75,289,321 $32,919,304 $3,835,511 $97,756 $112,141,892 
Six Months Ended June 30, 2026
 AgencyResidential CreditMSRCorporate & OtherConsolidated
(dollars in thousands)
Interest income$2,196,530 $1,340,598 $— $— $3,537,128 
Interest expense1,520,703 1,075,541 — — 2,596,244 
Net interest income675,827 265,057 — — 940,884 
Servicing and related income— — 334,192 — 334,192 
Servicing and related expense— — 34,415 — 34,415 
Net servicing income— — 299,777 — 299,777 
Other income (loss)(95,592)178,776 (88,029)(1,395)(6,240)
Less: Total general and administrative expenses37,090 37,514 21,105 15,044 110,753 
Income (loss) before income taxes543,145 406,319 190,643 (16,439)1,123,668 
Income taxes1,663 (3,681)7,400 (2)5,380 
Net income (loss)541,482 410,000 183,243 (16,437)1,118,288 
Less: Net income (loss) attributable to noncontrolling interest— 12,963 — — 12,963 
Net income (loss) attributable to Annaly541,482 397,037 183,243 (16,437)1,105,325 
Dividends on preferred stock— — — 81,688 81,688 
Net income (loss) available (related) to common stockholders541,482 397,037 183,243 (98,125)1,023,637 
Unrealized gains (losses) on available-for-sale securities(68,448)— — — (68,448)
Reclassification adjustment for net (gains) losses included in net income (loss)— — — — — 
Other comprehensive income (loss)(68,448)— — — (68,448)
Comprehensive income (loss)473,034 410,000 183,243 (16,437)1,049,840 
Comprehensive income (loss) attributable to noncontrolling interests— 12,963 — — 12,963 
Comprehensive income (loss) attributable to Annaly$473,034 $397,037 $183,243 $(16,437)$1,036,877 
Noncash investing and financing activities:
Receivable for unsettled trades92,317 — 12,405 — 104,722 
Payable for unsettled trades262,764 14,443 54,379 — 331,586 
Net change in unrealized gains (losses) on available-for-sale securities, net of reclassification adjustment(68,448)— — — (68,448)
Dividends declared, not yet paid— — — 562,931 562,931 
Total assets
Total assets$90,585,914 $48,138,201 $4,985,815 $31,246 $143,741,176 
Six Months Ended June 30, 2025
 AgencyResidential CreditMSRCorporate & OtherConsolidated
(dollars in thousands)
Interest income$1,762,467 $972,316 $— $1,218 $2,736,001 
Interest expense1,449,569 792,396 — 865 2,242,830 
Net interest income312,898 179,920 — 353 493,171 
Servicing and related income— — 282,105 — 282,105 
Servicing and related expense— — 28,684 — 28,684 
Net servicing income— — 253,421 — 253,421 
Other income (loss)(419,777)11,897 (42,333)1,086 (449,127)
Less: Total general and administrative expenses33,867 31,423 18,636 14,156 98,082 
Income (loss) before income taxes(140,746)160,394 192,452 (12,717)199,383 
Income taxes160 (8,741)17,343 (55)8,707 
Net income (loss)(140,906)169,135 175,109 (12,662)190,676 
Less: Net income (loss) attributable to noncontrolling interest— 9,353 — — 9,353 
Net income (loss) attributable to Annaly(140,906)159,782 175,109 (12,662)181,323 
Dividends on preferred stock— — — 74,417 74,417 
Net income (loss) available (related) to common stockholders(140,906)159,782 175,109 (87,079)106,906 
Unrealized gains (losses) on available-for-sale securities198,436 — — — 198,436 
Reclassification adjustment for net (gains) losses included in net income (loss)79,200 — — — 79,200 
Other comprehensive income (loss)277,636 — — — 277,636 
Comprehensive income (loss)136,730 169,135 175,109 (12,662)468,312 
Comprehensive income (loss) attributable to noncontrolling interests— 9,353 — — 9,353 
Comprehensive income (loss) attributable to Annaly$136,730 $159,782 $175,109 $(12,662)$458,959 
Noncash investing and financing activities:
Receivable for unsettled trades1,104,920 — 29,976 — 1,134,896 
Payable for unsettled trades1,479,249 — 59,277 — 1,538,526 
Net change in unrealized gains (losses) on available-for-sale securities, net of reclassification adjustment277,636 — — — 277,636 
Dividends declared, not yet paid— — — 449,453 449,453 
Total assets
Total assets$75,289,321 $32,919,304 $3,835,511 $97,756 $112,141,892 
v3.26.1
RISK MANAGEMENT
 6 Months Ended
Jun. 30, 2026
Risk Management [Abstract]  
RISK MANAGEMENT
18. RISK MANAGEMENT
The primary risks to the Company are liquidity and funding risk, investment/market risk, credit risk and operational risk. Interest rates are highly sensitive to many factors, including governmental monetary and tax policies, domestic and international economic and political considerations and other factors beyond the Company’s control. Changes in the general level of interest rates can affect net interest income, which is the difference between the interest income earned on interest earning assets and the interest expense incurred in connection with the interest bearing liabilities, by affecting the spread between the interest earning assets and interest bearing liabilities. Changes in the level of interest rates can also affect the value of the interest earning assets and the Company’s ability to realize gains from the sale of these assets. A decline in the value of the interest earning assets pledged as collateral for borrowings under repurchase agreements and derivative contracts could result in the counterparties demanding additional collateral or liquidating some of the existing collateral to reduce borrowing levels.
The Company may seek to mitigate the potential financial impact of these risks by entering into interest rate agreements such as interest rate swaps, interest rate swaptions and other hedges.
Weakness in the mortgage market, the shape of the yield curve, changes in the expectations for the volatility of future interest rates and deterioration of financial conditions in general may adversely affect the performance and market value of the Company’s investments. This could negatively impact the Company’s book value. Furthermore, if many of the Company’s lenders are unwilling or unable to provide additional financing, the Company could be forced to sell its investments at an inopportune time when prices are depressed. The Company has established policies and procedures for mitigating risks, including conducting scenario and sensitivity analyses and utilizing a range of hedging strategies.
The payment of principal and interest on the Freddie Mac and Fannie Mae Agency mortgage-backed securities, which exclude CRT securities issued by Freddie Mac and Fannie Mae, is guaranteed by those respective agencies and the payment of principal and interest on Ginnie Mae Agency mortgage-backed securities is backed by the full faith and credit of the U.S. government.
The Company faces credit risk on the portions of its portfolio which are not guaranteed by the respective Agency or by the full faith and credit of the U.S. government. The Company is exposed to credit risk on commercial mortgage-backed securities, residential mortgage loans, CRT securities and other non-Agency mortgage-backed securities. MSR values may also be adversely impacted by rising borrower delinquencies which would reduce servicing income and increase overall costs to service the underlying mortgage loans. The Company is exposed to risk of loss if an issuer, borrower or counterparty fails to perform its obligations under contractual terms. The Company has established policies and procedures for mitigating credit risk, including reviewing and establishing limits for credit exposure, limiting transactions with specific counterparties, pre-purchase due diligence, maintaining qualifying collateral, continually assessing the creditworthiness of issuers, borrowers and counterparties, credit rating monitoring and active servicer oversight.
The Company depends on third party service providers to perform various business processes related to its operations, including mortgage loan servicers and sub-servicers. The Company’s vendor management policy establishes procedures for engaging, onboarding and monitoring the performance of third party vendors. For mortgage loan servicers and sub-servicers, these procedures include assessing a vendor’s financial health as well as oversight of its compliance with applicable laws and regulations, cybersecurity and business continuity programs and security of personal information.
v3.26.1
LEASE COMMITMENTS AND CONTINGENCIES
 6 Months Ended
Jun. 30, 2026
Leases [Abstract]  
LEASE COMMITMENTS AND CONTINGENCIES
19. LEASE COMMITMENTS AND CONTINGENCIES
The Company’s operating leases are primarily comprised of corporate office leases with remaining lease terms of approximately two years and sixteen years. The corporate office leases include options to extend for up to five years, however the extension terms were not included in the operating lease liability calculation. Leases with an initial term of 12 months or less are not recorded on the balance sheet. The Company recognizes lease expense for these leases on a straight-line basis over the lease term. The lease cost for the three and six months ended June 30, 2026 was $0.9 million and $1.8 million, respectively. The lease cost for the three and six months ended June 30, 2025 was $1.5 million and $2.7 million, respectively.

Supplemental information related to leases as of and for the six months ended June 30, 2026 was as follows:
Operating LeasesClassificationJune 30, 2026
Assets(dollars in thousands)
Operating lease right-of-use assetsOther assets$25,975 
Liabilities
Operating lease liabilities (1)
Other liabilities$34,222 
Lease term and discount rate
Weighted average remaining lease term15.7 years
Weighted average discount rate (1)
7.0%
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases$130 
(1) For the Company’s leases that do not provide an implicit rate, the Company uses an incremental borrowing rate based on the information available at adoption date in determining the present value of lease payments.
The following table provides details related to maturities of lease liabilities:
Maturity of Lease Liabilities
Years ending December 31,(dollars in thousands)
2026 (remaining)$131 
20272,503 
20283,854 
20293,831 
20303,831 
Later years48,210 
Total lease payments$62,360 
Less: imputed interest28,138 
Present value of lease liabilities$34,222 
Contingencies
From time to time, the Company is involved in various claims and legal actions arising in the ordinary course of business. In the opinion of management, the ultimate disposition of these matters will not have a material effect on the Company’s consolidated financial statements. There were no material contingencies at June 30, 2026 and December 31, 2025.
v3.26.1
SUBSEQUENT EVENTS
 6 Months Ended
Jun. 30, 2026
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS
20. SUBSEQUENT EVENTS
In July 2026, the Company completed and closed two securitizations of residential mortgage loans, OBX 2026-NQM9, with a face value of $1.0 billion, and OBX 2026-NQM10, with a face value of $937.8 million. These securitizations represent financing transactions which provided and continue to provide non-recourse financing to the Company collateralized by residential mortgage loans purchased by the Company.
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2026
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.26.1
SIGNIFICANT ACCOUNTING POLICIES (Policies)
 6 Months Ended
Jun. 30, 2026
Accounting Policies [Abstract]  
Basis of Presentation The accompanying consolidated financial statements and related notes of the Company have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”).
Principles of Consolidation
Principles of Consolidation – The consolidated financial statements include the accounts of the entities where the Company has a controlling financial interest. In order to determine whether the Company has a controlling financial interest, it first evaluates whether an entity is a voting interest entity (“VOE”) or a variable interest entity (“VIE”). All intercompany balances and transactions have been eliminated in consolidation.
Voting Interest Entities
Voting Interest Entities – A VOE is an entity that has sufficient equity and in which equity investors have a controlling financial interest. The Company consolidates VOEs where it has a majority of the voting equity of such VOE.
Variable Interest Entities
Variable Interest Entities – A VIE is defined as an entity in which equity investors (i) do not have the characteristics of a controlling financial interest, and/or (ii) do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. A VIE is required to be consolidated by its primary beneficiary, which is defined as the party that has both (i) the power to control the activities that most significantly impact the VIE’s
economic performance and (ii) the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE.
The Company performs ongoing reassessments of whether changes in the facts and circumstances regarding the Company’s involvement with a VIE causes the Company’s consolidation conclusion to change. Refer to the “Variable Interest Entities” Note for further information.
Equity Method Investments Equity Method Investments - For entities that are not consolidated, but where the Company has significant influence over the operating or financial decisions of the entity, the Company accounts for the investment under the equity method of accounting. In accordance with the equity method of accounting, the Company will recognize its share of earnings or losses of the investee in the period in which they are reported by the investee. The Company also considers whether there are any indicators of other-than-temporary impairment of joint ventures accounted for under the equity method. These investments are included in Other assets with income or loss included in Other, net.
Cash and Cash Equivalents Cash and Cash Equivalents – Cash and cash equivalents include cash on hand, cash held in money market funds on an overnight basis and cash pledged as collateral with counterparties. Cash deposited with clearing organizations is carried at cost, which approximates fair value.
Fair Value Measurements and the Fair Value Option
Fair Value Measurements and the Fair Value Option – The Company reports various investments at fair value, including certain eligible financial instruments elected to be accounted for under the fair value option (“FVO”). The Company chooses to elect the FVO in order to simplify the accounting treatment for certain financial instruments. Items for which the FVO has been elected are presented at fair value in the Consolidated Statements of Financial Condition and any change in fair value is recorded in Net gains (losses) on investments and other in the Consolidated Statements of Comprehensive Income (Loss). For additional information regarding financial instruments for which the Company has elected the FVO refer to the table in the “Financial Instruments” Note.
Refer to the “Fair Value Measurements” Note for a complete discussion on the methodology utilized by the Company to estimate the fair value of certain financial instruments.
The Company follows fair value guidance in accordance with GAAP to account for its financial instruments and MSR that are accounted for at fair value. The fair value of a financial instrument and MSR is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
GAAP requires classification of financial instruments and MSR into a three-level hierarchy based on the priority of the inputs to the valuation technique. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3).
If the inputs used to measure the financial instrument and MSR fall within different levels of the hierarchy, the categorization is based on the lowest priority input that is significant to the fair value measurement of the instrument. Financial assets and liabilities recorded at fair value in the Consolidated Statements of Financial Condition or disclosed in the related notes are categorized based on the inputs to the valuation techniques as follows:
Level 1 – inputs to the valuation methodology are quoted prices (unadjusted) for identical assets and liabilities in active markets.
Level 2 – inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.
Level 3 – inputs to the valuation methodology are unobservable and significant to overall fair value.
Offsetting Assets and Liabilities
Offsetting Assets and Liabilities - The Company elected to present all derivative instruments on a gross basis as discussed in the “Derivative Instruments” Note. Reverse repurchase and repurchase agreements are presented net in the Consolidated Statements of Financial Condition if they meet the offsetting criteria. Refer to the “Secured Financing” Note for further discussion on reverse repurchase and repurchase agreements.
Derivative Instruments
Derivative Instruments – Derivatives are recognized as either assets or liabilities at fair value in the Consolidated Statements of Financial Condition with changes in fair value recognized in the Consolidated Statements of Comprehensive Income (Loss). The changes in the estimated fair value are presented within Net gains (losses) on derivatives. None of the Company’s derivative transactions have been designated as hedging instruments for accounting purposes. Refer to the “Derivative Instruments” Note for further discussion.
Derivative instruments include, but are not limited to, interest rate swaps, options to enter into interest rate swaps (“swaptions”), TBA derivatives, U.S. Treasury and Secured Overnight Financing Rate (“SOFR”) futures contracts and certain forward purchase commitments. The Company may also enter into other types of mortgage derivatives such as interest-only securities, credit derivatives referencing the commercial mortgage-backed securities index and synthetic total return swaps. 
In connection with the Company’s investment/market rate risk management strategy, the Company economically hedges a portion of its interest rate risk by entering into derivative financial instrument contracts, which include interest rate swaps, swaptions and futures contracts. The Company may also enter into TBA derivatives, U.S. Treasury futures contracts, certain forward purchase commitments and credit derivatives to economically hedge its exposure to market risks. The purpose of using derivatives is to manage overall portfolio risk with the potential to generate additional income for distribution to stockholders. These derivatives are subject to changes in market values resulting from changes in interest rates, volatility, Agency mortgage-backed security spreads to U.S. Treasuries and market liquidity. The use of derivatives also creates exposure to credit risk relating to potential losses that could be recognized if the counterparties to these instruments fail to perform their obligations under the stated contract. Additionally, the Company may have to pledge cash or assets as collateral for the derivative transactions, the amount of which may vary based on the market value and terms of the derivative contract. In the case of market agreed coupon (“MAC”) interest rate swaps, the Company may make or receive a payment at the time of entering into such interest rate swaps, which represents fair value of these swaps, to compensate for the out of market nature of such interest rate swaps. Subsequent changes in fair value from inception of these interest rate swaps are reflected within Net gains (losses) on derivatives in the Consolidated Statements of Comprehensive Income (Loss). Similar to other interest rate swaps, the Company may have to pledge cash or assets as collateral for the MAC interest rate swap transactions. In the event of a default by the counterparty, the Company could have difficulty obtaining its pledged collateral as well as receiving payments in accordance with the terms of the derivative contracts.
Derivatives are recognized as either assets or liabilities at fair value in the Consolidated Statements of Financial Condition with changes in fair value recognized in the Consolidated Statements of Comprehensive Income (Loss). The changes in the estimated fair value are presented within Net gains (losses) on derivatives. None of the Company’s derivative transactions have been designated as hedging instruments for accounting purposes. 
Interest Rate Swap Agreements – Interest rate swap agreements are the primary instruments used to mitigate interest rate risk. In particular, the Company uses interest rate swap agreements to manage its exposure to changing interest rates on its repurchase agreements by economically hedging cash flows associated with these borrowings. The Company may have outstanding interest rate swap agreements where the floating leg is linked to the SOFR, the overnight index swap rate or another index. Interest rate swap agreements may or may not be cleared through a derivatives clearing organization (“DCO”). Uncleared interest rate swaps are fair valued using internal pricing models and compared to the counterparty market values. Centrally cleared interest rate swaps, including MAC interest rate swaps, are generally fair valued using the DCO’s market values. If an interest rate swap is
terminated, the realized gain (loss) on the interest rate swap would be equal to the difference between the cash received or paid and fair value.
Swaptions – Swaptions are purchased or sold to mitigate the potential impact of increases or decreases in interest rates. Interest rate swaptions provide the option to enter into an interest rate swap agreement for a predetermined notional amount, stated term and pay and receive interest rates in the future. The Company’s swaptions are not centrally cleared. The premium paid or received for swaptions is reported as an asset or liability in the Consolidated Statements of Financial Condition. If a swaption expires unexercised, the realized gain (loss) on the swaption would be equal to the premium received or paid. If the Company sells or exercises a swaption, the realized gain (loss) on the swaption would be equal to the difference between the cash received or the fair value of the underlying interest rate swap received and the premium paid. The fair value of swaptions are estimated using internal pricing models and compared to the counterparty market values.
TBA Dollar Rolls – TBA dollar roll transactions are accounted for as a series of derivative transactions. The fair value of TBA derivatives is based on methods similar to those used to value Agency mortgage-backed securities.
Futures Contracts – Futures contracts are derivatives that track the prices of specific assets or benchmark rates. Short sales of futures contracts help to mitigate the potential impact of changes in interest rates on the portfolio performance. The Company maintains margin accounts which are settled daily with Futures Commission Merchants (“FCMs”). The margin requirement varies based on the market value of the open positions and the equity retained in the account. Futures contracts are fair valued based on the pricing provided by the Chicago Mercantile Exchange (“CME”).
Forward Purchase Commitments – The Company may enter into forward purchase commitments with counterparties whereby the Company commits to purchasing residential mortgage loans at a particular price, provided the residential mortgage loans close with the counterparties. The counterparties are required to deliver the committed loans on a “best efforts” basis.
Stock-Based Compensation
Stock-Based Compensation – The Company measures compensation expense for stock-based awards at fair value, which is generally based on the grant-date fair value of the Company’s common stock. Compensation expense is recognized ratably over the vesting or requisite service period of the award. Stock-based awards that contain market-based conditions are valued using a model.
Compensation expense for awards with performance conditions is recognized based on the probable outcome of the performance condition at each reporting date. Compensation expense for awards with market conditions is recognized irrespective of the probability of the market condition being achieved and is not reversed if the market condition is not met. Stock-based awards that do not require future service (i.e., vested awards) are expensed immediately. Forfeitures are recorded when they occur. The Company generally issues new shares of common stock upon delivery of stock-based awards.
Interest Income
Interest Income - The Company recognizes interest income primarily on Residential Securities (as defined in the “Securities” Note), residential mortgage loans, commercial investments and reverse repurchase agreements. Interest accrued but not received is recognized as Interest receivable in the Consolidated Statements of Financial Condition. Interest income is presented as a separate line item in the Consolidated Statements of Comprehensive Income (Loss).
For its securities, the Company recognizes coupon income, which is a component of interest income, based upon the outstanding principal amounts of the financial instruments and their contractual terms. In addition, the Company amortizes or accretes premiums or discounts into interest income for its Agency mortgage-backed securities (other than interest-only securities, multifamily and reverse mortgages), taking into account estimates of future principal prepayments in the calculation of the effective yield. The Company recalculates the effective yield as differences between anticipated and actual prepayments occur. Using third party model and market information to project future cash flows and expected remaining lives of securities, the effective interest rate determined for each security is applied as if it had been in place from the date of the security’s acquisition. The amortized cost of the security is then adjusted to the amount that would have existed had the new effective yield been applied since the acquisition date, which results in a cumulative premium amortization adjustment in each period. The adjustment to amortized cost is offset with a charge or credit to interest income. Changes in interest rates and other market factors will impact prepayment speed projections and the amount of premium amortization recognized in any given period.
Premiums or discounts associated with the purchase of Agency interest-only securities, reverse mortgages and residential credit securities are amortized or accreted into interest income based upon current expected future cash flows with any adjustment to yield made on a prospective basis.
Premiums or discounts associated with the purchase of multifamily securities are amortized or accreted into interest income based upon their contractual payment terms. If a prepayment occurs, an adjustment is made to the unpaid principal balance and unamortized premium or discount in the current period and the original effective yield continues to be applied.
Premiums and discounts associated with the purchase of residential mortgage loans and with those transferred or pledged to securitization trusts are primarily amortized or accreted into interest income over their estimated remaining lives using the effective interest rates inherent in the estimated cash flows from the mortgage loans. Amortization of premiums and accretion of discounts are presented in Interest income in the Consolidated Statements of Comprehensive Income (Loss).
If collection of a loan’s principal or interest is in doubt or the loan is 90 days or more past due, interest income is not accrued. For nonaccrual status loans carried at fair value or held for sale, interest is not accrued but is recognized on a cash basis. For nonaccrual status loans carried at amortized cost, if collection of principal is not in doubt but collection of interest is in doubt, interest income is recognized on a cash basis. If collection of principal is in doubt, any interest received is applied against principal until collectability of the remaining balance is no longer in doubt; at that point, any interest income is recognized on a cash basis. Generally, a loan is returned to accrual status when the borrower has resumed paying the full amount of the scheduled contractual obligation, if all principal and interest amounts contractually due are reasonably assured of repayment within a reasonable period of time and there is a sustained period of repayment performance by the borrower.
Refer to the “Interest Income and Interest Expense” Note for further discussion of interest income.
Income Taxes
Income Taxes – The Company has elected to be taxed as a REIT and intends to comply with the provisions of the Code, with respect thereto. As a REIT, the Company will not incur federal income tax to the extent that it distributes its taxable income to its stockholders. The Company and certain of its direct and indirect subsidiaries have made separate joint elections to treat these subsidiaries as taxable REIT subsidiaries (“TRSs”). As such, each of these TRSs is taxable as a domestic C corporation and subject to federal, state and local income taxes based upon its taxable income. Refer to the “Income Taxes” Note for further discussion on income taxes.
Recent Accounting Pronouncements
Recent Accounting Pronouncements
The Company considers the applicability and impact of all Accounting Standard Updates (“ASUs”). The Company reviewed recently issued ASUs and determined that they were not expected to have a significant impact on the Company’s consolidated financial statements when adopted or did not have a significant impact on the Company’s consolidated financial statements upon adoption.
Residential
The Company’s residential mortgage loans are primarily comprised of performing adjustable-rate and fixed-rate whole loans. The Company’s residential loans are accounted for under the fair value option with changes in fair value reflected in Net gains (losses) on investments and other in the Consolidated Statements of Comprehensive Income (Loss). The Company also consolidates securitization trusts in which it retained securities because it also has certain powers and rights to direct the activities of such trusts. Refer to the “Variable Interest Entities” Note for further information related to the Company’s consolidated residential mortgage loan trusts.
The mortgage loans are secured by first or second liens on primarily one-to-four family residential properties. A subsidiary of the Company has engaged a third party to act as its custodian, agent and bailee for the purposes of receiving and holding certain documents, instruments and papers related to the residential mortgage loans it purchases. Pursuant to the custodial agreement, the custodian segregates and maintains continuous custody of all documents constituting the mortgage file with respect to each mortgage loan owned by the subsidiary in secure and fire resistant facilities and in a manner consistent with the standard of care employed by prudent mortgage loan document custodians. At or prior to the funding of any residential mortgage loan, the related seller, pursuant to the terms of our mortgage loan purchase agreement, must deliver to the custodian the mortgage loan documents including the mortgage note, the mortgage and other related loan documents. In addition, a complete credit file for the related mortgage and borrower must be delivered to the subsidiary prior to the date of purchase.
Fair Value Measurements
The following is a description of the valuation methodologies used for instruments carried at fair value. These methodologies are applied to assets and liabilities across the three-level fair value hierarchy, with the observability of inputs determining the appropriate level.
Futures contracts and U.S. Treasury securities are valued using quoted prices for identical instruments in active markets and are classified as Level 1.
Residential Securities, interest rate swaps, swaptions and other derivatives are valued using quoted prices or internally estimated prices for similar assets using internal models. The Company incorporates common market pricing methods, including a spread measurement to the Treasury curve as well as underlying characteristics of the particular security including coupon, prepayment speeds, periodic and life caps, rate reset period and expected life of the security in its estimates of fair value. Fair value estimates for residential mortgage loans are generated by a discounted cash flow model and are primarily based on observable market-based inputs including discount rates, prepayment speeds, delinquency levels, and credit losses. Management reviews and indirectly corroborates its estimates of the fair value derived using internal models by comparing its results to independent prices provided by dealers in the securities and/or third party pricing services. Certain liquid asset classes, such as Agency fixed-rate pass-throughs, may be priced using independent sources such as quoted prices for TBA securities.
Residential Securities, residential mortgage loans, interest rate swap, swaption and TBA derivative markets are considered to be active markets such that participants transact with sufficient frequency and volume to provide transparent pricing information on an ongoing basis. The liquidity of the Residential Securities, residential mortgage loans, interest rate swaps, swaptions and TBA derivatives markets and the similarity of the Company’s securities to those actively traded enable the Company to observe quoted prices in the market and utilize those prices as a basis for formulating fair value measurements. Consequently, the Company has classified Residential Securities, residential mortgage loans, interest rate swaps, swaptions and TBA derivatives as Level 2.
The fair value of commercial mortgage-backed securities classified as available-for-sale is determined based upon quoted prices of similar assets in recent market transactions and requires the application of judgment due to differences in the underlying collateral. Consequently, commercial mortgage-backed securities carried at fair value are classified as Level 2.
For the fair value of debt issued by securitization vehicles, refer to the “Variable Interest Entities” Note for additional information.
The Company has classified its investments in MSR as Level 3. Fair value estimates for these investments are obtained from models, which use significant unobservable inputs in their valuations. These valuations primarily utilize discounted cash flow models that incorporate unobservable market data inputs including discount rates, prepayment rates, delinquency rates and costs to service. Model valuations are then compared to valuations obtained from third party pricing providers. Management reviews the valuations received from third party pricing providers and uses them as a point of comparison to modeled values. The valuation of MSR requires significant judgment by management and the third party pricing providers. Assumptions used for which there is a lack of observable inputs may significantly impact the resulting fair value and therefore the Company’s financial statements.
Reverse Repurchase and Repurchase Agreements Reverse Repurchase and Repurchase Agreements – The Company finances a significant portion of its assets with repurchase agreements. At the inception of each transaction, the Company assessed each of the specified criteria in ASC 860, Transfers and Servicing, and has determined that each of the financing agreements should be treated as a secured financing.
The Company enters into reverse repurchase agreements to earn a yield on excess cash balances. To mitigate credit exposure, the Company monitors the market value of these securities and delivers or obtains additional collateral based on changes in market value of these securities. Generally, the Company receives or posts collateral with a fair value approximately equal to or greater than the value of the secured financing.
Reverse repurchase agreements and repurchase agreements with the same counterparty and the same maturity are presented net in the Consolidated Statements of Financial Condition when the terms of the agreements meet the criteria to permit netting. The Company reports cash flows on repurchase agreements as financing activities and cash flows on reverse repurchase agreements as investing activities in the Consolidated Statements of Cash Flows.
Contingencies
Contingencies
From time to time, the Company is involved in various claims and legal actions arising in the ordinary course of business. In the opinion of management, the ultimate disposition of these matters will not have a material effect on the Company’s consolidated financial statements.
v3.26.1
DESCRIPTION OF BUSINESS (Tables)
 6 Months Ended
Jun. 30, 2026
Accounting Policies [Abstract]  
Schedule of Investment Groups
The Company’s three investment groups are primarily comprised of the following:
Investment GroupsDescription
Annaly Agency GroupInvests in Agency mortgage-backed securities (“MBS”) collateralized by residential mortgages which are guaranteed by Fannie Mae, Freddie Mac or Ginnie Mae and complementary investments within the Agency market, including Agency commercial MBS.
Annaly Residential Credit GroupInvests primarily in non-Agency residential whole loans and securitized products within the residential and commercial markets.
Annaly Mortgage Servicing Rights Group
Invests in MSR, which provide the right to service residential mortgage loans in exchange for a portion of the interest payments made on the loans.
v3.26.1
FINANCIAL INSTRUMENTS (Tables)
 6 Months Ended
Jun. 30, 2026
Investments, All Other Investments [Abstract]  
Schedule of Characteristics of Financial Instruments The following table presents characteristics for certain of the Company’s financial instruments at June 30, 2026 and December 31, 2025.
Financial Instruments (1)
Balance Sheet Line ItemType / FormMeasurement BasisJune 30, 2026December 31, 2025
Assets(dollars in thousands)
Securities
Agency mortgage-backed securities (2)
Fair value, with unrealized gains (losses) through other comprehensive income$6,014,557 $6,462,112 
Securities
Agency mortgage-backed securities (3)
Fair value, with unrealized gains (losses) through earnings81,754,021 83,166,542 
SecuritiesResidential credit risk transfer securitiesFair value, with unrealized gains (losses) through earnings46,872 213,800 
SecuritiesNon-agency mortgage-backed securitiesFair value, with unrealized gains (losses) through earnings1,565,016 1,445,176 
SecuritiesCommercial real estate debt investments - CMBSFair value, with unrealized gains (losses) through earnings135,019 — 
Total securities89,515,485 91,287,630 
Loans, netResidential mortgage loansFair value, with unrealized gains (losses) through earnings7,280,979 5,020,784 
Interests in MSRInterest in net servicing cash flowsFair value, with unrealized gains (losses) through earnings106,775 28,626 
Assets transferred or pledged to securitization vehiclesResidential mortgage loansFair value, with unrealized gains (losses) through earnings38,256,690 32,067,433 
Reverse repurchase agreementsReverse repurchase agreementsAmortized cost33,047 34,389 
Liabilities
Repurchase agreementsRepurchase agreementsAmortized cost$86,895,874 $81,865,723 
Other secured financingLoansAmortized cost1,125,000 1,075,000 
Debt issued by securitization vehiclesSecuritiesFair value, with unrealized gains (losses) through earnings34,366,098 28,918,753 
Participations issuedParticipations issuedFair value, with unrealized gains (losses) through earnings2,553,709 1,932,655 
U.S. Treasury securities sold, not yet purchasedSecuritiesFair value, with unrealized gains (losses) through earnings— 2,396,724 
(1) Receivable for unsettled trades, Principal and interest receivable, Payable for unsettled trades, Interest payable and Dividends payable are accounted for at cost. Interests in MSR are considered financial instruments whereas directly held MSR are considered servicing assets or obligations.
(2) Includes Agency pass-through, collateralized mortgage obligation (“CMO”) and multifamily securities purchased prior to July 1, 2022.
(3) Includes interest-only securities and reverse mortgages and, effective July 1, 2022, newly purchased Agency pass-through, CMO and multifamily securities.
v3.26.1
SECURITIES (Tables)
 6 Months Ended
Jun. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
Rollforward of Company's Securities
The following table represents a rollforward of the activity for the Company’s securities for the six months ended June 30, 2026:
Agency
Securities		Residential Credit SecuritiesCommercial
Securities		Total
(dollars in thousands)
Beginning balance January 1, 2026
$89,628,654 $1,658,976 $— $91,287,630 
Purchases12,563,011 373,017 395,000 13,331,028 
Sales
(7,994,201)(154,204)(260,000)(8,408,405)
Principal paydowns(5,296,395)(247,926)— (5,544,321)
(Amortization) / accretion(115,338)(4,595)— (119,933)
Fair value adjustment(1,017,153)(13,380)19 (1,030,514)
Ending balance June 30, 2026
$87,768,578 $1,611,888 $135,019 $89,515,485 
Schedule of Available-for-sale Securities Reconciliation
The following tables present the Company’s securities portfolio that were carried at their fair value at June 30, 2026 and December 31, 2025:
 June 30, 2026
 Principal /
Notional		Remaining PremiumRemaining DiscountAmortized
Cost		Unrealized
Gains		Unrealized
Losses		Estimated Fair Value
Agency(dollars in thousands)
Fixed-rate pass-through$79,330,278 $1,375,584 $(1,181,699)$79,524,163 $497,517 $(1,072,873)$78,948,807 
Adjustable-rate pass-through154,101 6,578 (27)160,652 1,744 (4,902)157,494 
CMO2,436 11 — 2,447 — (110)2,337 
Interest-only5,528,714 695,794 — 695,794 13,040 (120,747)588,087 
Multifamily (1)
52,690,177 643,988 (54,656)8,106,321 34,363 (68,831)8,071,853 
Total agency securities$137,705,706 $2,721,955 $(1,236,382)$88,489,377 $546,664 $(1,267,463)$87,768,578 
Residential credit       
Credit risk transfer$45,704 $41 $— $45,745 $1,132 $(5)$46,872 
Non-QM453,577 210 (3,301)450,486 1,692 (9,660)442,518 
Prime (2)
2,635,217 35,115 (10,604)209,090 2,951 (1,842)210,199 
SBC173,949 27 (9,754)164,222 5,113 (4,422)164,913 
NPL/RPL440,651 3,516 (20,094)424,073 4,625 (2,477)426,221 
RTL115,031 — (347)114,684 426 (190)114,920 
Prime jumbo (>=2010 vintage) (3)
11,504,368 100,253 (32,098)189,537 21,255 (4,547)206,245 
Total residential credit securities$15,368,497 $139,162 $(76,198)$1,597,837 $37,194 $(23,143)$1,611,888 
Total residential securities$153,074,203 $2,861,117 $(1,312,580)$90,087,214 $583,858 $(1,290,606)$89,380,466 
Commercial
Commercial securities$135,000 $— $— $135,000 $41 $(22)$135,019 
Total securities$153,209,203 $2,861,117 $(1,312,580)$90,222,214 $583,899 $(1,290,628)$89,515,485 
 December 31, 2025
 Principal /
Notional		Remaining PremiumRemaining DiscountAmortized
Cost		Unrealized
Gains		Unrealized
Losses		Estimated Fair Value
Agency(dollars in thousands)
Fixed-rate pass-through$81,291,560 $1,464,326 $(1,120,301)$81,635,585 $1,055,907 $(709,842)$81,981,650 
Adjustable-rate pass-through114,642 6,678 (32)121,288 2,008 (4,244)119,052 
CMO2,709 12 — 2,721 — (81)2,640 
Interest-only5,266,587 683,108 — 683,108 28,590 (97,630)614,068 
Multifamily (1)
41,310,478 617,383 (11,385)6,889,598 67,373 (45,727)6,911,244 
Total agency investments$127,985,976 $2,771,507 $(1,131,718)$89,332,300 $1,153,878 $(857,524)$89,628,654 
Residential credit       
Credit risk transfer$204,518 $42 $(2,239)$202,321 $11,486 $(7)$213,800 
Non-QM343,495 249 (2,514)341,230 3,022 (8,100)336,152 
Prime (2)
2,294,631 31,005 (9,746)111,526 3,497 (748)114,275 
SBC186,929 23 (10,317)176,635 4,991 (4,648)176,978 
NPL/RPL462,956 3,520 (21,613)444,863 5,053 (2,099)447,817 
RTL191,767 13 (488)191,292 1,342 (8)192,626 
Prime jumbo (>=2010 vintage) (3)
11,771,926 101,388 (30,397)163,610 18,034 (4,316)177,328 
Total residential credit securities$15,456,222 $136,240 $(77,314)$1,631,477 $47,425 $(19,926)$1,658,976 
Total residential securities$143,442,198 $2,907,747 $(1,209,032)$90,963,777 $1,201,303 $(877,450)$91,287,630 
Commercial
Commercial securities$— $— $— $— $— $— $— 
Total securities$143,442,198 $2,907,747 $(1,209,032)$90,963,777 $1,201,303 $(877,450)$91,287,630 
(1) Principal/Notional amount includes $45.2 billion and $35.0 billion of Agency Multifamily interest-only securities as of June 30, 2026 and December 31, 2025, respectively.
(2) Principal/Notional amount includes $2.5 billion and $2.2 billion of Prime interest-only securities as of June 30, 2026 and December 31, 2025, respectively.
(3) Principal/Notional amount includes $11.4 billion and $11.7 billion of Prime Jumbo interest-only securities as of June 30, 2026 and December 31, 2025, respectively.
Types of Agency Mortgage Backed Securities
The following table presents the Company’s Agency mortgage-backed securities portfolio by issuing Agency at June 30, 2026 and December 31, 2025: 
June 30, 2026December 31, 2025
Investment Type(dollars in thousands)
Fannie Mae$83,683,437 $85,506,672 
Freddie Mac3,917,225 3,970,920 
Ginnie Mae167,916 151,062 
Total$87,768,578 $89,628,654 
Schedule of Residential Investment Securities by Estimated Weighted Average Life Classification
The following table summarizes the Company’s Residential Securities at June 30, 2026 and December 31, 2025, according to their estimated weighted average life classifications:
 June 30, 2026December 31, 2025
Estimated Fair ValueAmortized
Cost		Estimated Fair ValueAmortized
Cost
Estimated weighted average life(dollars in thousands)
Less than one year$252,925 $251,196 $308,818 $306,718 
Greater than one year through five years3,731,946 3,733,842 6,308,008 6,229,244 
Greater than five years through ten years84,259,169 84,979,888 83,402,554 83,180,354 
Greater than ten years1,136,426 1,122,288 1,268,250 1,247,461 
Total$89,380,466 $90,087,214 $91,287,630 $90,963,777 
Schedule of Unrealized Losses on Investments
The following table presents the gross unrealized losses and estimated fair value of the Company’s Agency mortgage-backed securities, accounted for as available-for-sale where the fair value option has not been elected, by length of time that such securities have been in a continuous unrealized loss position at June 30, 2026 and December 31, 2025.
 June 30, 2026December 31, 2025
 
Estimated Fair Value (1)
Gross Unrealized Losses (1)
Number of Securities (1)
Estimated Fair Value (1)
Gross Unrealized Losses (1)
Number of Securities (1)
 (dollars in thousands)
Less than 12 months$29,060 $(444)16 $2,942 $(168)1 
12 Months or more5,873,226 (560,498)1,266 6,307,396 (494,102)1,268 
Total$5,902,286 $(560,942)1,282 $6,310,338 $(494,270)1,269 
(1) Excludes interest-only mortgage-backed securities and reverse mortgages, and effective July 1, 2022, newly purchased Agency pass-through, CMOs and multifamily securities.
Schedule of Realized Gain (Loss)
 Gross Realized GainsGross Realized LossesNet Realized Gains (Losses)
For the three months ended(dollars in thousands)
June 30, 2026$16,283 $(33,799)$(17,516)
June 30, 2025$9,230 $(34,988)$(25,758)
For the six months ended
June 30, 2026$62,960 $(44,569)$18,391 
June 30, 2025$74,110 $(154,474)$(80,364)
v3.26.1
LOANS (Tables)
 6 Months Ended
Jun. 30, 2026
Receivables [Abstract]  
Loan Investment Activity
The following table presents the activity of the Company’s loan investments, excluding loans transferred or pledged to securitization vehicles, for the six months ended June 30, 2026:
Residential Loans
(dollars in thousands)
Beginning balance January 1, 2026
$5,020,784 
Purchases / originations / draws (1)
15,012,633 
Sales and transfers (2)
(12,475,215)
Principal payments(251,049)
Gains / (losses)(8,940)
(Amortization) / accretion(17,234)
Ending balance June 30, 2026
$7,280,979 
(1) Includes residential loans acquired from exercise of optional redemption provisions of securitization vehicles with a carrying value of $977.3 million during the six months ended June 30, 2026.
(2) Includes transfer of residential loans to securitization vehicles with a carrying value of $11.8 billion during the six months ended June 30, 2026.
Fair Value and Unpaid Principal of Residential Mortgage Loan Portfolio
The following table presents the fair value and the unpaid principal balances of the residential mortgage loan portfolio, including loans transferred or pledged to securitization vehicles, at June 30, 2026 and December 31, 2025:
June 30, 2026December 31, 2025
 (dollars in thousands)
Fair value$45,537,669 $37,088,217 
Unpaid principal balance$45,398,184 $37,033,580 
Summary of Comprehensive Income (Loss)
The following table provides information regarding the line items and amounts recognized in the Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended June 30, 2026 and 2025 for these investments:
For the Three Months EndedFor the Six Months Ended
June 30, 2026June 30, 2025June 30, 2026June 30, 2025
 (dollars in thousands)
Interest income$674,055 $467,959 $1,270,844 $894,014 
Net gains (losses) on disposal of investments (1)
(38,240)(14,315)(68,182)(24,308)
Net unrealized gains (losses) on instruments measured at fair value through earnings (1)
(142,407)94,051 (127,988)334,881 
Total included in net income (loss)$493,408 $547,695 $1,074,674 $1,204,587 
(1) These amounts are presented in the line item Net gains (losses) on investments and other in the Consolidated Statements of Comprehensive Income (loss).
Geographic Concentrations Based on Unpaid Principal Balances
The following table provides the geographic concentrations based on the unpaid principal balances at June 30, 2026 and December 31, 2025 for the residential mortgage loans, including loans transferred or pledged to securitization vehicles:
Geographic Concentrations of Residential Mortgage Loans
June 30, 2026December 31, 2025
Property location% of BalanceProperty location% of Balance
California38.0%California39.2%
New York10.6%New York11.3%
Florida8.1%Florida8.7%
Texas5.4%Texas5.3%
All other (none individually greater than 5%)37.9%All other (none individually greater than 5%)35.5%
Total100.0%100.0%
Residential Mortgage Loans
The following table provides additional data on the Company’s residential mortgage loans, including loans transferred or pledged to securitization vehicles, at June 30, 2026 and December 31, 2025:
 June 30, 2026December 31, 2025
 
Portfolio
Range
Portfolio Weighted
Average
Portfolio
Range
Portfolio Weighted Average
 (dollars in thousands)
Unpaid principal balance
$1 - $4,396
$450
$1 - $4,396
$459
Interest rate
1.63% - 18.00%
6.62%
2.00% - 18.00%
6.67%
Maturity11/1/2029 - 7/1/20667/6/205411/1/2029 - 1/1/20661/3/2054
FICO score at loan origination
522 - 850
763
549 - 850
761
Loan-to-value ratio at loan origination
1% - 100%
67%
1% - 100%
67%
v3.26.1
MORTGAGE SERVICING RIGHTS (Tables)
 6 Months Ended
Jun. 30, 2026
Transfers and Servicing [Abstract]  
Presentation of Activity Related to MSR
The following table presents activity related to MSR for the three and six months ended June 30, 2026 and 2025:
 Mortgage Servicing RightsThree Months EndedSix Months Ended
June 30, 2026June 30, 2025June 30, 2026June 30, 2025
 (dollars in thousands)
Fair value, beginning of period$4,115,999 $3,272,902 $3,645,865 $2,909,134 
Purchases (1)
112,320 39,369 636,671 436,031 
Sales(82,011)— (82,011)— 
Change in fair value due to:
Changes in valuation inputs or assumptions (2)
20,229 28,464 28,166 41,232 
Other changes, including realization of expected cash flows(77,052)(59,545)(139,206)(105,207)
Fair value, end of period$4,089,485 $3,281,190 $4,089,485 $3,281,190 
(1) Includes adjustments to original purchase price from early payoffs, defaults, or loans that were delivered but were deemed to not be acceptable.
(2) Principally represents changes in discount rates and prepayment speed inputs used in valuation model, primarily due to changes in interest rates.
v3.26.1
VARIABLE INTEREST ENTITIES (Tables)
 6 Months Ended
Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Fair Value of OBX Trusts
Residential securitizations are issued by entities generally referred to collectively as the “OBX Trusts.” These securitizations represent financing transactions that provide non-recourse financing to the Company and are collateralized by residential mortgage loans purchased by the Company. Residential securitizations closed during the six months ended June 30, 2026 are included in the following table:
SecuritizationDate of ClosingFace Value at Closing
(dollars in thousands)
OBX 2026-NQM1January 2026$847,216 
OBX 2026-NQM2January 2026$809,100 
OBX 2026-J1February 2026$362,128 
OBX 2026-INV1February 2026$346,305 
OBX 2026-NQM3February 2026$840,767 
OBX 2026-HE1February 2026$247,572 
OBX 2026-R1March 2026$491,816 
OBX 2026-NQM4March 2026$789,600 
OBX 2026-NQM5April 2026$876,528 
OBX 2026-AHC1April 2026$349,308 
OBX 2026-INV2April 2026$383,750 
OBX 2026-CES1April 2026$210,909 
OBX 2026-NQM6April 2026$849,538 
OBX 2026-INV3May 2026$384,053 
OBX 2026-NQM7May 2026$932,378 
OBX 2026-HYB1May 2026$309,084 
OBX 2026-INV4May 2026$517,726 
OBX 2026-R2June 2026$407,349 
OBX 2026-NQM8June 2026$1,022,359 
OBX 2026-HE2June 2026$210,530 
OBX 2026-AHC2June 2026$339,988 
v3.26.1
DERIVATIVE INSTRUMENTS (Tables)
 6 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summarizes Fair Value Information about Derivative Assets Liabilities
The following table summarizes fair value information about the Company’s derivative assets and liabilities at June 30, 2026 and December 31, 2025:
Derivatives InstrumentsJune 30, 2026December 31, 2025
Assets(dollars in thousands)
Interest rate swaps$14,137 $7,372 
Interest rate swaptions3,177 11,063 
TBA derivatives50,393 17,648 
Futures contracts1,800 71,065 
Purchase commitments12,277 8,385 
Total derivative assets$81,784 $115,533 
Liabilities 
Interest rate swaps$7,219 $16,385 
Interest rate swaptions2,099 11,931 
TBA derivatives3,092 13,163 
Futures contracts233,242 6,644 
Purchase commitments2,316 5,632 
Total derivative liabilities$247,968 $53,755 
Summary of Certain Characteristics of Derivatives
The following tables summarize certain characteristics of the Company’s interest rate swaps at June 30, 2026 and December 31, 2025:
June 30, 2026
Maturity
Current Notional (1)(2)
Weighted Average Pay RateWeighted Average Receive Rate
Weighted Average Years to Maturity (3)
(dollars in thousands)
0 - 3 years
$35,205,637 3.40%3.69%1.29
3 - 6 years
18,864,704 2.73%3.81%4.57
6 - 10 years
18,106,627 3.39%3.72%7.69
Greater than 10 years
1,590,430 3.34%3.75%21.74
Total / Weighted average$73,767,398 3.20%3.73%4.14
December 31, 2025
Maturity
Current Notional (1)(2)
Weighted Average
Pay Rate		Weighted Average Receive Rate
Weighted Average Years to Maturity (3)
(dollars in thousands)
0 - 3 years
$29,577,637 3.55%3.88%1.36
3 - 6 years
14,646,904 2.67%3.99%4.54
6 - 10 years
17,018,427 3.03%3.90%7.25
Greater than 10 years
1,949,430 3.34%3.92%22.02
Total / Weighted average$63,192,398 3.15%3.92%4.23
(1) As of June 30, 2026, 98% and 2% of the Company’s interest rate swaps were linked to SOFR and the Federal funds rate, respectively. As of December 31, 2025, 98% and 2% of the Company’s interest rate swaps were linked to SOFR and the Federal funds rate, respectively.
(2) As of June 30, 2026, there were no forward starting swaps. There were $1.5 billion forward starting pay fixed swaps at December 31, 2025.
(3) The weighted average years to maturity of payer interest rate swaps is offset by the weighted average years to maturity of receiver interest rate swaps. As such, the net weighted average years to maturity for each maturity bucket may fall outside of the range listed.

The following tables summarize certain characteristics of the Company’s swaptions at June 30, 2026 and December 31, 2025:
June 30, 2026
Current Underlying NotionalWeighted Average Underlying Fixed RateWeighted Average Underlying Floating RateWeighted Average Underlying Years to MaturityWeighted Average Months to Expiration
(dollars in thousands)
Long receive$830,0003.54%SOFR7.455.22
Short receive(1,800,000)3.23%SOFR3.445.22
December 31, 2025
Current Underlying NotionalWeighted Average Underlying Fixed RateWeighted Average Underlying Floating RateWeighted Average Underlying Years to MaturityWeighted Average Months to Expiration
(dollars in thousands)
Long receive$830,0003.54%SOFR7.9411.25
Short receive(1,800,000)3.23%SOFR3.9411.25
The following tables summarize certain characteristics of the Company’s TBA derivatives at June 30, 2026 and December 31, 2025:
June 30, 2026
Purchase and Sale Contracts for TBA DerivativesNotionalImplied Cost BasisImplied Market ValueNet Carrying Value
(dollars in thousands)
Purchase contracts$7,777,000 $7,659,953 $7,708,118 $48,165 
Sale contracts(600,000)(490,380)(491,244)(864)
Net TBA derivatives$7,177,000 $7,169,573 $7,216,874 $47,301 
December 31, 2025
Purchase and Sale Contracts for TBA DerivativesNotionalImplied Cost BasisImplied Market ValueNet Carrying Value
(dollars in thousands)
Purchase contracts$3,861,000 $3,805,867 $3,814,118 $8,251 
Sale contracts(534,000)(553,266)(557,032)(3,766)
Net TBA derivatives$3,327,000 $3,252,601 $3,257,086 $4,485 
The following tables summarize certain characteristics of the Company’s futures derivatives at June 30, 2026 and December 31, 2025: 
June 30, 2026
 Notional - Long
Positions		Notional - Short
Positions		Weighted Average
Years to Maturity
 (dollars in thousands)
2-year swap equivalent SOFR contracts
$1,000,000 $(1,000,000)2.00
U.S. Treasury futures - 2 year
— (1,400,000)2.00
U.S. Treasury futures - 5 year
— (825,000)4.40
U.S. Treasury futures - 10 year and greater
— (14,452,900)10.86
U.S. swap futures - 10 year and greater
— (110,000)10.22
Total$1,000,000 $(17,787,900)9.80
December 31, 2025
 Notional - Long
Positions		Notional - Short
Positions		Weighted Average
Years to Maturity
 (dollars in thousands)
2-year swap equivalent SOFR contracts
$500,000 $(500,000)2.00
U.S. Treasury futures - 2 year
— (3,658,000)1.90
U.S. Treasury futures - 5 year
1,973,200 — 4.40
U.S. Treasury futures - 10 year and greater
— (12,399,900)11.33
Total$2,473,200 $(16,557,900)8.31
Offsetting of Derivative Assets and Liabilities
The following tables present information about derivative assets and liabilities that are subject to such provisions and can be offset in the Company’s Consolidated Statements of Financial Condition at June 30, 2026 and December 31, 2025, respectively.
June 30, 2026
 Amounts Eligible for Offset 
 Gross AmountsFinancial InstrumentsCash CollateralNet Amounts
Assets(dollars in thousands)
Interest rate swaps, at fair value$14,137 $(5,366)$— $8,771 
Interest rate swaptions, at fair value3,177 (2,099)— 1,078 
TBA derivatives, at fair value50,393 (36,890)(7,987)5,516 
Futures contracts, at fair value1,800 (1,800)— — 
Purchase commitments12,277 — — 12,277 
Liabilities 
Interest rate swaps, at fair value$7,219 $(7,219)$— $— 
Interest rate swaptions, at fair value2,099 (2,099)— — 
TBA derivatives, at fair value3,092 (3,092)— — 
Futures contracts, at fair value233,242 (1,800)(231,442)— 
Purchase commitments2,316 — — 2,316 
December 31, 2025
 Amounts Eligible for Offset 
 Gross AmountsFinancial InstrumentsCash CollateralNet Amounts
Assets(dollars in thousands)
Interest rate swaps, at fair value$7,372 $(2,295)$— $5,077 
Interest rate swaptions, at fair value11,063 (11,063)— — 
TBA derivatives, at fair value17,648 (6,603)(8,760)2,285 
Futures contracts, at fair value71,065 (6,644)— 64,421 
Purchase commitments8,385 — — 8,385 
Liabilities 
Interest rate swaps, at fair value$16,385 $(16,385)$— $— 
Interest rate swaptions, at fair value11,931 (11,063)(300)568 
TBA derivatives, at fair value13,163 (11,942)— 1,221 
Futures contracts, at fair value6,644 (6,644)— — 
Purchase commitments5,632 — — 5,632 
Schedule of Derivative Instruments in Statement of Operations and Comprehensive Income Loss
The effect of interest rate swaps in the Consolidated Statements of Comprehensive Income (Loss) is as follows:
Location on Consolidated Statements of Comprehensive Income (Loss)
 
Net Interest Component of Interest Rate Swaps (1)
Realized Gains (Losses) on Termination of Interest Rate Swaps (1)
Unrealized Gains (Losses) on Interest Rate Swaps (1)
For the three months ended(dollars in thousands)
June 30, 2026$87,458 $— $448,853 
June 30, 2025$185,650 $(31,792)$(492,183)
For the six months ended
June 30, 2026$184,305 $(5,750)$680,679 
June 30, 2025$377,195 $(75,581)$(1,245,784)
(1) Included in Net gains (losses) on derivatives in the Consolidated Statements of Comprehensive Income (Loss).
The effect of other derivative contracts in the Company’s Consolidated Statements of Comprehensive Income (Loss) is as follows:
Three Months Ended June 30, 2026
Derivative InstrumentsRealized Gain (Loss)Unrealized Gain (Loss)Amount of Gain/(Loss) Recognized in Net Gains (Losses) on Other Derivatives
(dollars in thousands)
Net TBA derivatives$(164,932)$150,058 $(14,874)
Net interest rate swaptions— 1,043 1,043 
Futures (1)
546,671 (527,268)19,403 
Purchase commitments— 10,543 10,543 
Total
$16,115 
(1) For the three months ended June 30, 2026, includes $1.8 million of realized gain and ($10.3) million of unrealized loss related to interest rate futures and options other than treasury futures.
Three Months Ended June 30, 2025
Derivative InstrumentsRealized Gain (Loss)Unrealized Gain (Loss)Amount of Gain/(Loss) Recognized in Net Gains (Losses) on Other Derivatives
(dollars in thousands)
Net TBA derivatives$(57,686)$74,703 $17,017 
Net interest rate swaptions(9,230)8,600 (630)
Futures (1)
154,654 (224,081)(69,427)
Purchase commitments— 2,580 2,580 
Total$(50,460)
(1) For the three months ended June 30, 2025, includes $0.5 million of realized gain and ($6.0) million of unrealized loss related to interest rate futures and options other than treasury futures.
Six Months Ended June 30, 2026
Derivative InstrumentsRealized Gain (Loss)Unrealized Gain (Loss)Amount of Gain/(Loss) Recognized in Net Gains (Losses) on Other Derivatives
(dollars in thousands)
Net TBA derivatives$(151,184)$42,816 $(108,368)
Net interest rate swaptions20,230 1,945 22,175 
Futures (1)
477,150 (295,864)181,286 
Purchase commitments— 7,211 7,211 
Total$102,304 
(1) For the six months ended June 30, 2026, includes $2.5 million of realized gain and ($13.9) million of unrealized loss related to interest rate futures and options other than treasury futures.
Six Months Ended June 30, 2025
Derivative InstrumentsRealized Gain (Loss)Unrealized Gain (Loss)Amount of Gain/(Loss) Recognized in Net Gains (Losses) on Other Derivatives
(dollars in thousands)
Net TBA derivatives$(72,041)$119,236 $47,195 
Net interest rate swaptions(9,230)— (9,230)
Futures (1)
68,298 (541,184)(472,886)
Purchase commitments— 12,439 12,439 
Total$(422,482)
(1) For the six months ended June 30, 2025, includes $9.5 million of realized gain and ($6.0) million of unrealized loss related to interest rate futures and options other than treasury futures.
v3.26.1
FAIR VALUE MEASUREMENTS (Tables)
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Fair Values, Assets and Liabilities Measured on Recurring Basis
The following tables present the estimated fair values of financial instruments and MSR measured at fair value on a recurring basis as of June 30, 2026 and December 31, 2025. There were no transfers between levels of the fair value hierarchy during the periods presented.
June 30, 2026
 Level 1Level 2Level 3Total
Assets(dollars in thousands)
Securities
Agency mortgage-backed securities$— $87,768,578 $— $87,768,578 
Credit risk transfer securities— 46,872 — 46,872 
Non-Agency mortgage-backed securities— 1,565,016 — 1,565,016 
Commercial mortgage-backed securities— 135,019 — 135,019 
Loans
Residential mortgage loans— 7,280,979 — 7,280,979 
Mortgage servicing rights— — 4,089,485 4,089,485 
Interests in MSR— — 106,775 106,775 
Assets transferred or pledged to securitization vehicles— 38,256,690 — 38,256,690 
Derivative assets
Interest rate swaps— 14,137 — 14,137 
Other derivatives1,800 65,847 — 67,647 
Total assets$1,800 $135,133,138 $4,196,260 $139,331,198 
Liabilities
Debt issued by securitization vehicles$— $34,366,098 $— $34,366,098 
Participations issued— 2,553,709 — 2,553,709 
Derivative liabilities
Interest rate swaps— 7,219 — 7,219 
Other derivatives233,242 7,507 — 240,749 
Total liabilities$233,242 $36,934,533 $— $37,167,775 
December 31, 2025
 Level 1Level 2Level 3Total
Assets(dollars in thousands)
Securities
Agency mortgage-backed securities$— $89,628,654 $— $89,628,654 
Credit risk transfer securities— 213,800 — 213,800 
Non-Agency mortgage-backed securities— 1,445,176 — 1,445,176 
Loans
Residential mortgage loans— 5,020,784 — 5,020,784 
Mortgage servicing rights— — 3,645,865 3,645,865 
Interests in MSR— — 28,626 28,626 
Assets transferred or pledged to securitization vehicles— 32,067,433 — 32,067,433 
Derivative assets
Interest rate swaps— 7,372 — 7,372 
Other derivatives71,065 37,096 — 108,161 
Total assets$71,065 $128,420,315 $3,674,491 $132,165,871 
Liabilities
Debt issued by securitization vehicles$— $28,918,753 $— $28,918,753 
Participations issued— 1,932,655 — 1,932,655 
U.S. Treasury securities sold, not yet purchased2,396,724 — — 2,396,724 
Derivative liabilities
Interest rate swaps— 16,385 — 16,385 
Other derivatives6,644 30,726 — 37,370 
Total liabilities$2,403,368 $30,898,519 $— $33,301,887 
Information about Significant Unobservable Inputs Used for Recurring Fair Value Measurements for Level 3 MSRs
The following table presents information about the significant unobservable inputs used for recurring fair value measurements for Level 3 MSR. The table does not give effect to the Company’s risk management practices that might offset risks inherent in these Level 3 investments.
Unobservable Input (1)
Range (Weighted Average) (2)
June 30, 2026December 31, 2025
Discount rate
5.6% - 11.2% (7.8%)
4.7% - 12.0% (7.9%)
Prepayment rate
4.7% - 18.7% (5.9%)
4.6% - 22.8% (5.8%)
Delinquency rate
0.2% - 4.7% (1.2%)
0.2% - 3.7% (1.1%)
Cost to service
$68 - $92 ($80)
$68 - $93 ($82)
(1) Represents rates, estimates and assumptions that the Company believes would be used by market participants when valuing these assets.
(2) Weighted average discount rate computed based on the fair value of MSR, weighted average prepayment rate, delinquency rate and cost to service based on unpaid principal balances of loans underlying the MSR.
Schedule of Estimated Fair Value for All Financial Assets and Liabilities
The following table summarizes the estimated fair values for financial assets and liabilities that are not carried at fair value at June 30, 2026 and December 31, 2025.
 June 30, 2026December 31, 2025
 Carrying
Value		Fair
Value		Carrying
Value		Fair
Value
Financial assets(dollars in thousands)
Reverse repurchase agreements$33,047$33,047$34,389$34,389
Financial liabilities
Repurchase agreements$86,895,874$86,895,874$81,865,723$81,865,723
Other secured financing1,125,0001,125,0001,075,0001,075,000
v3.26.1
INTANGIBLE ASSETS (Tables)
 6 Months Ended
Jun. 30, 2026
Intangible Asset, Goodwill and Other [Abstract]  
Intangible Asset, Finite-Lived
The following table presents the activity of finite lived intangible assets for the six months ended June 30, 2026.
Intangible Assets, net
(dollars in thousands)
Beginning balance January 1, 2026
$6,726 
Less: amortization expense(1,346)
Ending balance June 30, 2026
$5,380 
v3.26.1
SECURED FINANCING (Tables)
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Repurchase Agreements Remaining Maturity ,Collateral Types and Weighted Average Rates
At June 30, 2026 and December 31, 2025, the repurchase agreements had the following remaining maturities and collateral types: 
June 30, 2026
 Agency Mortgage-Backed SecuritiesCRTsNon-Agency Mortgage-Backed SecuritiesResidential Mortgage LoansCommercial Mortgage-Backed SecuritiesTotal Repurchase Agreements
 (dollars in thousands)
1 day$35,324,478 $— $26,890 $— $— $35,351,368 
2 to 29 days12,595,792 — 1,277,694 — — 13,873,486 
30 to 59 days27,132,432 — 904,094 — — 28,036,526 
60 to 89 days4,954,581 — 527,659 — — 5,482,240 
90 to 119 days1,909 — 87,054 — — 88,963 
Over 119 days (1)
8,606 — 437,873 3,666,812 — 4,113,291 
Total$80,017,798 $— $3,261,264 $3,666,812 $— $86,945,874 
Amounts offset in accordance with netting arrangements(50,000)
Net amounts of Repurchase agreements as presented in the Consolidated Statements of Financial Condition$86,895,874 
December 31, 2025
 Agency Mortgage-Backed SecuritiesCRTsNon-Agency Mortgage-Backed SecuritiesResidential Mortgage LoansCommercial Mortgage-Backed SecuritiesTotal Repurchase Agreements
 (dollars in thousands)
1 day$— $— $— $— $— $— 
2 to 29 days43,487,076 96,162 1,371,672 — — 44,954,910 
30 to 59 days31,834,906 — 376,364 519,921 — 32,731,191 
60 to 89 days3,969,641 — 655,204 — — 4,624,845 
90 to 119 days— — 18,763 165,305 — 184,068 
Over 119 days (1)
— — 275,341 1,532,712 — 1,808,053 
Total$79,291,623 $96,162 $2,697,344 $2,217,938 $— $84,303,067 
Amounts offset in accordance with netting arrangements(2,437,344)
Net amounts of Repurchase agreements as presented in the Consolidated Statements of Financial Condition$81,865,723 
(1) Less than 1% of repurchase agreements had a remaining maturity over 1 year at June 30, 2026 and December 31, 2025.
Summary of Gross Amounts, Amounts Offset and Net Amounts of Repurchase Agreement and Reverse Repurchase Agreement
The following table summarizes the gross amounts of reverse repurchase agreements and repurchase agreements, amounts offset in accordance with netting arrangements and net amounts of repurchase agreements and reverse repurchase agreements as presented in the Consolidated Statements of Financial Condition at June 30, 2026 and December 31, 2025. Refer to the “Derivative Instruments” Note for information related to the effect of netting arrangements on the Company’s derivative instruments.
 June 30, 2026December 31, 2025
 Reverse Repurchase AgreementsRepurchase AgreementsReverse Repurchase AgreementsRepurchase Agreements
 (dollars in thousands)
Gross amounts$83,047 $86,945,874 $2,471,733 $84,303,067 
Amounts offset(50,000)(50,000)(2,437,344)(2,437,344)
Netted amounts$33,047 $86,895,874 $34,389 $81,865,723 
v3.26.1
CAPITAL STOCK (Tables)
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Schedule of Stock by Class
The following table provides a summary of the Company’s common shares authorized, and issued and outstanding at June 30, 2026 and December 31, 2025.
Shares authorizedShares issued and outstanding
June 30, 2026December 31, 2025June 30, 2026December 31, 2025Par Value
Common stock
1,456,750,000 1,456,750,000 750,574,308 706,972,452 $0.01
The following is a summary of the Company’s cumulative redeemable preferred stock outstanding at June 30, 2026 and December 31, 2025. In the event of a liquidation or dissolution of the Company, the Company’s then outstanding preferred stock takes precedence over the Company’s common stock with respect to payment of dividends and the distribution of assets.
Shares AuthorizedShares Issued And OutstandingCarrying ValueContractual Rate
Earliest Redemption Date (1)
Effective Date of Floating Rate Dividend Period
Floating Annual Rate (2)
June 30, 2026December 31, 2025June 30, 2026December 31, 2025June 30, 2026December 31, 2025
Fixed-rate(dollars in thousands)
Series J11,500,000 11,500,000 11,000,000 11,000,000 $265,911 $265,911 8.875%9/30/2030NANA
Fixed-to-floating rate
Series F28,800,000 28,800,000 28,800,000 28,800,000 696,910 696,910 6.95%9/30/20229/30/2022
3M Term SOFR + 4.993%
Series G17,000,000 17,000,000 17,000,000 17,000,000 411,335 411,335 6.50%3/31/20233/31/2023
3M Term SOFR + 4.172%
Series I17,700,000 17,700,000 17,700,000 17,700,000 428,324 428,324 6.75%6/30/20246/30/2024
3M Term SOFR + 4.989%
Subtotal63,500,000 63,500,000 63,500,000 63,500,000 $1,536,569 $1,536,569 
Total75,000,000 75,000,000 74,500,000 74,500,000 $1,802,480 $1,802,480 
(1) Subject to the Company’s right under limited circumstances to redeem preferred stock earlier in order to preserve its qualification as a REIT or under limited circumstances related to a change in control of the Company.
(2) For each series of fixed-to-floating rate cumulative redeemable preferred stock, the floating rate is calculated as 3-month CME Term SOFR (plus a spread adjustment of 0.26161%) plus the spread specified in the prospectus.
Summary of Dividend Distribution Activity
The following table provides a summary of the Company’s dividend distribution activity for the periods presented:
 For the Three Months Ended
For the Six Months Ended
 June 30, 2026June 30, 2025June 30, 2026June 30, 2025
 (dollars in thousands, except per share data)
Dividends and dividend equivalents declared on common stock and share-based awards$565,881 $452,199 $1,080,171 $876,062 
Distributions declared per common share$0.75 $0.70 $1.45 $1.40 
Distributions paid to common stockholders after period end$562,931 $449,453 $562,931 $449,453 
Distributions paid per common share after period end$0.75 $0.70 $0.75 $0.70 
Date of distributions paid to common stockholders after period endJuly 31, 2026July 31, 2025July 31, 2026July 31, 2025
Dividends declared to series F preferred stockholders$16,118 $17,197 $32,186 $34,447 
Dividends declared per share of series F preferred stock$0.560 $0.597 $1.118 $1.196 
Dividends declared to series G preferred stockholders$8,738 $9,381 $17,350 $18,691 
Dividends declared per share of series G preferred stock$0.514 $0.552 $1.021 $1.100 
Dividends declared to series I preferred stockholders$10,011 $10,682 $19,881 $21,279 
Dividends declared per share of series I preferred stock$0.566 $0.603 $1.123 $1.202 
Dividends declared to series J preferred stockholders$6,169 $— $12,271 $— 
Dividends declared per share of series J preferred stock$0.561 $— $1.116 $— 
v3.26.1
INTEREST INCOME AND INTEREST EXPENSE (Tables)
 6 Months Ended
Jun. 30, 2026
Banking and Thrift, Interest [Abstract]  
Summary of Interest Income Recognition Methodology for Residential Investment Securities
The following table summarizes the interest income recognition methodology for Residential Securities:
 Interest Income Methodology
Agency 
Fixed-rate pass-through (1)
Effective yield (3)
Adjustable-rate pass-through (1)
Effective yield (3)
Multifamily (1)
Contractual Cash Flows
CMO (1)
Effective yield (3)
Reverse mortgages (2)
Prospective
Interest-only (2)
Prospective
Residential credit 
CRT (2)
Prospective
Non-QM (2)
Prospective
Prime (2)
Prospective
SBC (2)
Prospective
NPL/RPL (2)
Prospective
RTL (2)
Prospective
Prime jumbo interest-only (2)
Prospective
(1) Changes in fair value are recognized in Other comprehensive income (loss) in the accompanying Consolidated Statements of Comprehensive Income (Loss) for securities purchased prior to July 1, 2022. Effective July 1, 2022, changes in fair value are recognized in Net gains (losses) on investments and other in the accompanying Consolidated Statements of Comprehensive Income (Loss) for newly purchased securities.
(2) Changes in fair value are recognized in Net gains (losses) on investments and other in the accompanying Consolidated Statements of Comprehensive Income (Loss).
(3) Effective yield is recalculated for differences between estimated and actual prepayments and the amortized cost is adjusted as if the new effective yield had been applied since inception.
Components of Company's Interest Income and Interest Expense
The following table presents the components of the Company’s interest income and interest expense for the three and six months ended June 30, 2026 and 2025.
 For the Three Months Ended
For the Six Months Ended
 June 30, 2026June 30, 2025June 30, 2026June 30, 2025
Interest income(dollars in thousands)
Agency securities$1,094,724 $875,937 $2,179,135 $1,696,119 
Residential credit securities30,679 36,853 62,101 77,060 
Residential mortgage loans (1)
674,055 467,959 1,270,844 894,014 
Commercial investment portfolio4,664 163 6,286 1,218 
Reverse repurchase agreements8,076 37,981 18,762 67,590 
Total interest income$1,812,198 $1,418,893 $3,537,128 $2,736,001 
Interest expense  
Repurchase agreements$846,551 $775,918 $1,679,498 $1,536,701 
Debt issued by securitization vehicles438,892 312,383 837,025 595,975 
Participations issued38,562 30,738 71,455 57,782 
U.S. Treasury securities sold, not yet purchased— 26,654 8,266 52,372 
Total interest expense$1,324,005 $1,145,693 $2,596,244 $2,242,830 
Net interest income$488,193 $273,200 $940,884 $493,171 
(1) Includes assets transferred or pledged to securitization vehicles.
v3.26.1
NET INCOME (LOSS) PER COMMON SHARE (Tables)
 6 Months Ended
Jun. 30, 2026
Earnings Per Share [Abstract]  
Schedule of Net Income (Loss) Per Share Reconciliation The following table presents a reconciliation of net income (loss) and shares used in calculating basic and diluted net income (loss) per share for the three and six months ended June 30, 2026 and 2025.
 For the Three Months Ended
For the Six Months Ended
 June 30, 2026June 30, 2025June 30, 2026June 30, 2025
 (dollars in thousands, except per share data)
Net income (loss)$827,773 $60,371 $1,118,288 $190,676 
Net income (loss) attributable to noncontrolling interests5,100 3,272 12,963 9,353 
Net income (loss) attributable to Annaly 822,673 57,099 1,105,325 181,323 
Dividends on preferred stock (1)
41,036 37,260 81,688 74,417 
Net income (loss) available (related) to common stockholders$781,637 $19,839 $1,023,637 $106,906 
Weighted average shares of common stock outstanding-basic738,926,270 620,208,712 730,798,630 603,770,531 
Add: Effect of stock awards, if dilutive1,329,977 894,506 1,519,091 1,111,764 
Weighted average shares of common stock outstanding-diluted740,256,247 621,103,218 732,317,721 604,882,295 
Net income (loss) per share available (related) to common share
Basic$1.06 $0.03 $1.40 $0.18 
Diluted$1.06 $0.03 $1.40 $0.18 
v3.26.1
INCOME TAXES (Tables)
 6 Months Ended
Jun. 30, 2026
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit)
 For the Three Months Ended
For the Six Months Ended
 June 30, 2026June 30, 2025June 30, 2026June 30, 2025
 (dollars in thousands)(dollars in thousands)
Current Tax Expense (Benefit)
Federal$(557)$— $839 $— 
State and local(69)— 104 13 
Total current income tax expense (benefit)$(626)$— $943 $13 
Deferred Tax Expense (Benefit)
Federal$6,871 $385 $4,051 $7,607 
State and local654 55 386 1,087 
Total deferred income tax expense (benefit)$7,525 $440 $4,437 $8,694 
Total income tax expense (benefit)$6,899 $440 $5,380 $8,707 
Schedule of Effective Income Tax Rate Reconciliation
The difference between the Company's reported income tax provision and the U.S. federal statutory rate of 21.0% is as follows:    
 For the Three Months Ended
For the Six Months Ended
 June 30, 2026June 30, 2025June 30, 2026June 30, 2025
(dollars in thousands)(percentage)(dollars in thousands)(percentage)
Statutory federal income tax rate$175,281 21.0%21.0%$235,970 21.0%21.0%
Non-taxable REIT income(158,799)(19.0%)(8.8%)(190,949)(17.0%)(12.8%)
State and local taxes, net of federal income tax effect (1)
585 0.1%3.0%490 —%3.0%
VIE and Other(8,201)(1.1%)(14.5%)(38,689)(3.4%)(6.9%)
TRS Permanent Differences(1,967)(0.2%)—%(1,442)(0.1%)—%
Change in valuation allowance— —%—%— —%—%
Total provision$6,899 0.8%0.7%$5,380 0.5%4.3%
(1) State and local taxes in New York made up the majority (greater than 50 percent) of the tax effect in this category.
Schedule of Cash Flow, Supplemental Disclosures
During the three and six months ended June 30, 2026, the amount of cash income taxes paid by the Company (net of refunds) consists of the following:
 For the Three Months Ended
For the Six Months Ended
 June 30, 2026June 30, 2026
(dollars in thousands)
Federal$550 $550 
State and local822 876 
Total income taxes paid (net of refunds)$1,372 $1,426 
v3.26.1
SEGMENTS (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting
The following tables present the reportable operating segments related to the Company’s results of operations for the three and six months ended June 30, 2026 and 2025:
Three Months Ended June 30, 2026
 AgencyResidential CreditMSRCorporate & OtherConsolidated
(dollars in thousands)
Interest income$1,102,237 $709,961 $— $— $1,812,198 
Interest expense755,259 568,746 — — 1,324,005 
Net interest income346,978 141,215 — — 488,193 
Servicing and related income— — 175,059 — 175,059 
Servicing and related expense— — 17,835 — 17,835 
Net servicing income— — 157,224 — 157,224 
Other income (loss)238,951 34,412 (25,231)(688)247,444 
Less: Total general and administrative expenses18,968 19,600 11,018 8,603 58,189 
Income (loss) before income taxes566,961 156,027 120,975 (9,291)834,672 
Income taxes581 1,772 4,546 — 6,899 
Net income (loss)566,380 154,255 116,429 (9,291)827,773 
Less: Net income (loss) attributable to noncontrolling interest— 5,100 — — 5,100 
Net income (loss) attributable to Annaly566,380 149,155 116,429 (9,291)822,673 
Dividends on preferred stock— — — 41,036 41,036 
Net income (loss) available (related) to common stockholders566,380 149,155 116,429 (50,327)781,637 
Unrealized gains (losses) on available-for-sale securities(23,400)— — — (23,400)
Reclassification adjustment for net (gains) losses included in net income (loss)— — — — — 
Other comprehensive income (loss)(23,400)— — — (23,400)
Comprehensive income (loss)542,980 154,255 116,429 (9,291)804,373 
Comprehensive income (loss) attributable to noncontrolling interests— 5,100 — — 5,100 
Comprehensive income (loss) attributable to Annaly$542,980 $149,155 $116,429 $(9,291)$799,273 
Noncash investing and financing activities:
Receivable for unsettled trades92,317 — 12,405 — 104,722 
Payable for unsettled trades262,764 14,443 54,379 — 331,586 
Net change in unrealized gains (losses) on available-for-sale securities, net of reclassification adjustment(23,400)— — — (23,400)
Dividends declared, not yet paid— — — 562,931 562,931 
Total assets
Total assets$90,585,914 $48,138,201 $4,985,815 $31,246 $143,741,176 
Three Months Ended June 30, 2025
 AgencyResidential CreditMSRCorporate & OtherConsolidated
(dollars in thousands)
Interest income$913,267 $505,463 $— $163 $1,418,893 
Interest expense731,316 414,222 — 155 1,145,693 
Net interest income181,951 91,241 — 8 273,200 
Servicing and related income— — 141,670 — 141,670 
Servicing and related expense— — 14,571 — 14,571 
Net servicing income— — 127,099 — 127,099 
Other income (loss)(252,852)(193)(39,372)2,947 (289,470)
Less: Total general and administrative expenses16,551 15,917 9,243 8,307 50,018 
Income (loss) before income taxes(87,452)75,131 78,484 (5,352)60,811 
Income taxes(130)(8,217)8,833 (46)440 
Net income (loss)(87,322)83,348 69,651 (5,306)60,371 
Less: Net income (loss) attributable to noncontrolling interest— 3,272 — — 3,272 
Net income (loss) attributable to Annaly(87,322)80,076 69,651 (5,306)57,099 
Dividends on preferred stock— — — 37,260 37,260 
Net income (loss) available (related) to common stockholders(87,322)80,076 69,651 (42,566)19,839 
Unrealized gains (losses) on available-for-sale securities33,559 — — — 33,559 
Reclassification adjustment for net (gains) losses included in net income (loss)13,797 — — — 13,797 
Other comprehensive income (loss)47,356 — — — 47,356 
Comprehensive income (loss)(39,966)83,348 69,651 (5,306)107,727 
Comprehensive income (loss) attributable to noncontrolling interests— 3,272 — — 3,272 
Comprehensive income (loss) attributable to Annaly$(39,966)$80,076 $69,651 $(5,306)$104,455 
Noncash investing and financing activities:
Receivable for unsettled trades1,104,920 — 29,976 — 1,134,896 
Payable for unsettled trades1,479,249 — 59,277 — 1,538,526 
Net change in unrealized gains (losses) on available-for-sale securities, net of reclassification adjustment47,356 — — — 47,356 
Dividends declared, not yet paid— — — 449,453 449,453 
Total assets
Total assets$75,289,321 $32,919,304 $3,835,511 $97,756 $112,141,892 
Six Months Ended June 30, 2026
 AgencyResidential CreditMSRCorporate & OtherConsolidated
(dollars in thousands)
Interest income$2,196,530 $1,340,598 $— $— $3,537,128 
Interest expense1,520,703 1,075,541 — — 2,596,244 
Net interest income675,827 265,057 — — 940,884 
Servicing and related income— — 334,192 — 334,192 
Servicing and related expense— — 34,415 — 34,415 
Net servicing income— — 299,777 — 299,777 
Other income (loss)(95,592)178,776 (88,029)(1,395)(6,240)
Less: Total general and administrative expenses37,090 37,514 21,105 15,044 110,753 
Income (loss) before income taxes543,145 406,319 190,643 (16,439)1,123,668 
Income taxes1,663 (3,681)7,400 (2)5,380 
Net income (loss)541,482 410,000 183,243 (16,437)1,118,288 
Less: Net income (loss) attributable to noncontrolling interest— 12,963 — — 12,963 
Net income (loss) attributable to Annaly541,482 397,037 183,243 (16,437)1,105,325 
Dividends on preferred stock— — — 81,688 81,688 
Net income (loss) available (related) to common stockholders541,482 397,037 183,243 (98,125)1,023,637 
Unrealized gains (losses) on available-for-sale securities(68,448)— — — (68,448)
Reclassification adjustment for net (gains) losses included in net income (loss)— — — — — 
Other comprehensive income (loss)(68,448)— — — (68,448)
Comprehensive income (loss)473,034 410,000 183,243 (16,437)1,049,840 
Comprehensive income (loss) attributable to noncontrolling interests— 12,963 — — 12,963 
Comprehensive income (loss) attributable to Annaly$473,034 $397,037 $183,243 $(16,437)$1,036,877 
Noncash investing and financing activities:
Receivable for unsettled trades92,317 — 12,405 — 104,722 
Payable for unsettled trades262,764 14,443 54,379 — 331,586 
Net change in unrealized gains (losses) on available-for-sale securities, net of reclassification adjustment(68,448)— — — (68,448)
Dividends declared, not yet paid— — — 562,931 562,931 
Total assets
Total assets$90,585,914 $48,138,201 $4,985,815 $31,246 $143,741,176 
Six Months Ended June 30, 2025
 AgencyResidential CreditMSRCorporate & OtherConsolidated
(dollars in thousands)
Interest income$1,762,467 $972,316 $— $1,218 $2,736,001 
Interest expense1,449,569 792,396 — 865 2,242,830 
Net interest income312,898 179,920 — 353 493,171 
Servicing and related income— — 282,105 — 282,105 
Servicing and related expense— — 28,684 — 28,684 
Net servicing income— — 253,421 — 253,421 
Other income (loss)(419,777)11,897 (42,333)1,086 (449,127)
Less: Total general and administrative expenses33,867 31,423 18,636 14,156 98,082 
Income (loss) before income taxes(140,746)160,394 192,452 (12,717)199,383 
Income taxes160 (8,741)17,343 (55)8,707 
Net income (loss)(140,906)169,135 175,109 (12,662)190,676 
Less: Net income (loss) attributable to noncontrolling interest— 9,353 — — 9,353 
Net income (loss) attributable to Annaly(140,906)159,782 175,109 (12,662)181,323 
Dividends on preferred stock— — — 74,417 74,417 
Net income (loss) available (related) to common stockholders(140,906)159,782 175,109 (87,079)106,906 
Unrealized gains (losses) on available-for-sale securities198,436 — — — 198,436 
Reclassification adjustment for net (gains) losses included in net income (loss)79,200 — — — 79,200 
Other comprehensive income (loss)277,636 — — — 277,636 
Comprehensive income (loss)136,730 169,135 175,109 (12,662)468,312 
Comprehensive income (loss) attributable to noncontrolling interests— 9,353 — — 9,353 
Comprehensive income (loss) attributable to Annaly$136,730 $159,782 $175,109 $(12,662)$458,959 
Noncash investing and financing activities:
Receivable for unsettled trades1,104,920 — 29,976 — 1,134,896 
Payable for unsettled trades1,479,249 — 59,277 — 1,538,526 
Net change in unrealized gains (losses) on available-for-sale securities, net of reclassification adjustment277,636 — — — 277,636 
Dividends declared, not yet paid— — — 449,453 449,453 
Total assets
Total assets$75,289,321 $32,919,304 $3,835,511 $97,756 $112,141,892 
v3.26.1
LEASE COMMITMENTS AND CONTINGENCIES (Tables)
 6 Months Ended
Jun. 30, 2026
Leases [Abstract]  
Supplemental Information Regarding Leases
Supplemental information related to leases as of and for the six months ended June 30, 2026 was as follows:
Operating LeasesClassificationJune 30, 2026
Assets(dollars in thousands)
Operating lease right-of-use assetsOther assets$25,975 
Liabilities
Operating lease liabilities (1)
Other liabilities$34,222 
Lease term and discount rate
Weighted average remaining lease term15.7 years
Weighted average discount rate (1)
7.0%
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases$130 
(1) For the Company’s leases that do not provide an implicit rate, the Company uses an incremental borrowing rate based on the information available at adoption date in determining the present value of lease payments.
Operating Lease Liability Schedule of Maturity
The following table provides details related to maturities of lease liabilities:
Maturity of Lease Liabilities
Years ending December 31,(dollars in thousands)
2026 (remaining)$131 
20272,503 
20283,854 
20293,831 
20303,831 
Later years48,210 
Total lease payments$62,360 
Less: imputed interest28,138 
Present value of lease liabilities$34,222 
v3.26.1
DESCRIPTION OF BUSINESS (Details)
Jun. 30, 2026
investmentGroup
Accounting Policies [Abstract]  
Number of investment groups 3
v3.26.1
SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)
$ in Billions
Jun. 30, 2026
Dec. 31, 2025
Interest rate swaps, at fair value    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Margin deposit assets $ 2.5 $ 1.7
v3.26.1
FINANCIAL INSTRUMENTS (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Jun. 30, 2025
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]      
Assets $ 143,741,176 $ 135,609,838 [1] $ 112,141,892
Liabilities 126,762,800 119,449,927 [1]  
Total securities      
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]      
Assets 89,515,485 91,287,630  
Agency mortgage-backed securities, recognized through comprehensive income      
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]      
Assets 6,014,557 6,462,112  
Agency mortgage-backed securities, recognized through earnings      
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]      
Assets 81,754,021 83,166,542  
Residential credit risk transfer securities      
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]      
Assets 46,872 213,800  
Non-agency mortgage-backed securities      
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]      
Assets 1,565,016 1,445,176  
Commercial real estate debt investments - CMBS      
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]      
Assets 135,019 0  
Residential mortgage loans      
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]      
Assets 7,280,979 5,020,784  
Interests in MSR      
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]      
Assets 106,775 28,626  
Residential mortgage loans      
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]      
Assets 38,256,690 32,067,433  
Reverse repurchase agreements      
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]      
Assets 33,047 34,389  
Repurchase agreements      
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]      
Liabilities 86,895,874 81,865,723  
Other secured financing      
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]      
Liabilities 1,125,000 1,075,000  
Debt issued by securitization vehicles      
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]      
Liabilities 34,366,098 28,918,753  
Participations issued      
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]      
Liabilities 2,553,709 1,932,655  
U.S. Treasury securities sold, not yet purchased      
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]      
Liabilities $ 0 $ 2,396,724  
[1]
(1)Derived from the audited consolidated financial statements at December 31, 2025.
v3.26.1
SECURITIES - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Debt Securities, Available-for-sale [Line Items]        
Unrealized gains (losses) on agency mortgage-backed securities $ (318,503) $ 83,503 $ (990,622) $ 894,315
Residential Investment securities sold, carrying value 3,100,000 3,300,000 8,100,000 8,500,000
Agency        
Debt Securities, Available-for-sale [Line Items]        
Unrealized gains (losses) on agency mortgage-backed securities $ (163,900) $ 113,100 $ (910,900) $ 1,000,000
v3.26.1
SECURITIES - Summary of Residential Securities and CMBS (Details)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
USD ($)
Debt Securities, Available-For-Sale [Roll Forward]  
Beginning balance January 1, 2026 $ 91,287,630 [1],[2]
Purchases 13,331,028
Sales (8,408,405)
Principal paydowns (5,544,321)
(Amortization) / accretion (119,933)
Fair value adjustment (1,030,514)
Ending balance June 30, 2026 89,515,485 [2]
Agency Securities  
Debt Securities, Available-For-Sale [Roll Forward]  
Beginning balance January 1, 2026 89,628,654
Purchases 12,563,011
Sales (7,994,201)
Principal paydowns (5,296,395)
(Amortization) / accretion (115,338)
Fair value adjustment (1,017,153)
Ending balance June 30, 2026 87,768,578
Residential Credit Securities  
Debt Securities, Available-For-Sale [Roll Forward]  
Beginning balance January 1, 2026 1,658,976
Purchases 373,017
Sales (154,204)
Principal paydowns (247,926)
(Amortization) / accretion (4,595)
Fair value adjustment (13,380)
Ending balance June 30, 2026 1,611,888
Commercial Securities  
Debt Securities, Available-For-Sale [Roll Forward]  
Beginning balance January 1, 2026 0
Purchases 395,000
Sales (260,000)
Principal paydowns 0
(Amortization) / accretion 0
Fair value adjustment 19
Ending balance June 30, 2026 $ 135,019
[1]
(1)Derived from the audited consolidated financial statements at December 31, 2025.
[2]
(3)Excludes $3.7 billion and $3.1 billion at June 30, 2026 and December 31, 2025, respectively, of non-Agency mortgage-backed securities in consolidated VIEs pledged as collateral and eliminated from the Company’s Consolidated Statements of Financial Condition. 
v3.26.1
SECURITIES - Portfolio (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Mortgage-Backed Securities Portfolio [Line Items]    
Principal / Notional $ 153,209,203 $ 143,442,198
Remaining Premium 2,861,117 2,907,747
Remaining Discount (1,312,580) (1,209,032)
Amortized Cost 90,222,214 90,963,777
Unrealized Gains 583,899 1,201,303
Unrealized Losses (1,290,628) (877,450)
Estimated Fair Value [1] 89,515,485 91,287,630 [2]
Total residential securities    
Mortgage-Backed Securities Portfolio [Line Items]    
Principal / Notional 153,074,203 143,442,198
Remaining Premium 2,861,117 2,907,747
Remaining Discount (1,312,580) (1,209,032)
Amortized Cost 90,087,214 90,963,777
Unrealized Gains 583,858 1,201,303
Unrealized Losses (1,290,606) (877,450)
Estimated Fair Value 89,380,466 91,287,630
Agency    
Mortgage-Backed Securities Portfolio [Line Items]    
Principal / Notional 137,705,706 127,985,976
Remaining Premium 2,721,955 2,771,507
Remaining Discount (1,236,382) (1,131,718)
Amortized Cost 88,489,377 89,332,300
Unrealized Gains 546,664 1,153,878
Unrealized Losses (1,267,463) (857,524)
Estimated Fair Value 87,768,578 89,628,654
Agency | Fixed-rate pass-through    
Mortgage-Backed Securities Portfolio [Line Items]    
Principal / Notional 79,330,278 81,291,560
Remaining Premium 1,375,584 1,464,326
Remaining Discount (1,181,699) (1,120,301)
Amortized Cost 79,524,163 81,635,585
Unrealized Gains 497,517 1,055,907
Unrealized Losses (1,072,873) (709,842)
Estimated Fair Value 78,948,807 81,981,650
Agency | Adjustable-rate pass-through    
Mortgage-Backed Securities Portfolio [Line Items]    
Principal / Notional 154,101 114,642
Remaining Premium 6,578 6,678
Remaining Discount (27) (32)
Amortized Cost 160,652 121,288
Unrealized Gains 1,744 2,008
Unrealized Losses (4,902) (4,244)
Estimated Fair Value 157,494 119,052
Agency | CMO    
Mortgage-Backed Securities Portfolio [Line Items]    
Principal / Notional 2,436 2,709
Remaining Premium 11 12
Remaining Discount 0 0
Amortized Cost 2,447 2,721
Unrealized Gains 0 0
Unrealized Losses (110) (81)
Estimated Fair Value 2,337 2,640
Agency | Interest-only    
Mortgage-Backed Securities Portfolio [Line Items]    
Principal / Notional 5,528,714 5,266,587
Remaining Premium 695,794 683,108
Remaining Discount 0 0
Amortized Cost 695,794 683,108
Unrealized Gains 13,040 28,590
Unrealized Losses (120,747) (97,630)
Estimated Fair Value 588,087 614,068
Agency | Multifamily    
Mortgage-Backed Securities Portfolio [Line Items]    
Principal / Notional 52,690,177 41,310,478
Remaining Premium 643,988 617,383
Remaining Discount (54,656) (11,385)
Amortized Cost 8,106,321 6,889,598
Unrealized Gains 34,363 67,373
Unrealized Losses (68,831) (45,727)
Estimated Fair Value 8,071,853 6,911,244
Agency | Multifamily interest-only security    
Mortgage-Backed Securities Portfolio [Line Items]    
Principal / Notional 45,200,000 35,000,000
Residential credit    
Mortgage-Backed Securities Portfolio [Line Items]    
Principal / Notional 15,368,497 15,456,222
Remaining Premium 139,162 136,240
Remaining Discount (76,198) (77,314)
Amortized Cost 1,597,837 1,631,477
Unrealized Gains 37,194 47,425
Unrealized Losses (23,143) (19,926)
Estimated Fair Value 1,611,888 1,658,976
Residential credit | Credit risk transfer    
Mortgage-Backed Securities Portfolio [Line Items]    
Principal / Notional 45,704 204,518
Remaining Premium 41 42
Remaining Discount 0 (2,239)
Amortized Cost 45,745 202,321
Unrealized Gains 1,132 11,486
Unrealized Losses (5) (7)
Estimated Fair Value 46,872 213,800
Residential credit | Non-QM    
Mortgage-Backed Securities Portfolio [Line Items]    
Principal / Notional 453,577 343,495
Remaining Premium 210 249
Remaining Discount (3,301) (2,514)
Amortized Cost 450,486 341,230
Unrealized Gains 1,692 3,022
Unrealized Losses (9,660) (8,100)
Estimated Fair Value 442,518 336,152
Residential credit | Prime    
Mortgage-Backed Securities Portfolio [Line Items]    
Principal / Notional 2,635,217 2,294,631
Remaining Premium 35,115 31,005
Remaining Discount (10,604) (9,746)
Amortized Cost 209,090 111,526
Unrealized Gains 2,951 3,497
Unrealized Losses (1,842) (748)
Estimated Fair Value 210,199 114,275
Residential credit | SBC    
Mortgage-Backed Securities Portfolio [Line Items]    
Principal / Notional 173,949 186,929
Remaining Premium 27 23
Remaining Discount (9,754) (10,317)
Amortized Cost 164,222 176,635
Unrealized Gains 5,113 4,991
Unrealized Losses (4,422) (4,648)
Estimated Fair Value 164,913 176,978
Residential credit | NPL/RPL    
Mortgage-Backed Securities Portfolio [Line Items]    
Principal / Notional 440,651 462,956
Remaining Premium 3,516 3,520
Remaining Discount (20,094) (21,613)
Amortized Cost 424,073 444,863
Unrealized Gains 4,625 5,053
Unrealized Losses (2,477) (2,099)
Estimated Fair Value 426,221 447,817
Residential credit | RTL    
Mortgage-Backed Securities Portfolio [Line Items]    
Principal / Notional 115,031 191,767
Remaining Premium 0 13
Remaining Discount (347) (488)
Amortized Cost 114,684 191,292
Unrealized Gains 426 1,342
Unrealized Losses (190) (8)
Estimated Fair Value 114,920 192,626
Residential credit | Prime jumbo (>=2010 vintage)    
Mortgage-Backed Securities Portfolio [Line Items]    
Principal / Notional 11,504,368 11,771,926
Remaining Premium 100,253 101,388
Remaining Discount (32,098) (30,397)
Amortized Cost 189,537 163,610
Unrealized Gains 21,255 18,034
Unrealized Losses (4,547) (4,316)
Estimated Fair Value 206,245 177,328
Residential credit | Prime interest-only    
Mortgage-Backed Securities Portfolio [Line Items]    
Principal / Notional 2,500,000 2,200,000
Residential credit | Prime jumbo interest-only    
Mortgage-Backed Securities Portfolio [Line Items]    
Principal / Notional 11,400,000 11,700,000
Commercial Securities    
Mortgage-Backed Securities Portfolio [Line Items]    
Principal / Notional 135,000 0
Remaining Premium 0 0
Remaining Discount 0 0
Amortized Cost 135,000 0
Unrealized Gains 41 0
Unrealized Losses (22) 0
Estimated Fair Value $ 135,019 $ 0
[1]
(3)Excludes $3.7 billion and $3.1 billion at June 30, 2026 and December 31, 2025, respectively, of non-Agency mortgage-backed securities in consolidated VIEs pledged as collateral and eliminated from the Company’s Consolidated Statements of Financial Condition. 
[2]
(1)Derived from the audited consolidated financial statements at December 31, 2025.
v3.26.1
SECURITIES - Component of Agency Mortgage-Backed Securities Portfolio by Issuing Agency Concentration (Details) - Agency Mortgage-Backed Securities - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Mortgage-Backed Securities Portfolio [Line Items]    
Total $ 87,768,578 $ 89,628,654
Fannie Mae    
Mortgage-Backed Securities Portfolio [Line Items]    
Total 83,683,437 85,506,672
Freddie Mac    
Mortgage-Backed Securities Portfolio [Line Items]    
Total 3,917,225 3,970,920
Ginnie Mae    
Mortgage-Backed Securities Portfolio [Line Items]    
Total $ 167,916 $ 151,062
v3.26.1
SECURITIES - Weighted Average Life (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Amortized Cost    
Amortized Cost $ 90,222,214 $ 90,963,777
Total residential securities    
Estimated Fair Value    
Less than one year 252,925 308,818
Greater than one year through five years 3,731,946 6,308,008
Greater than five years through ten years 84,259,169 83,402,554
Greater than ten years 1,136,426 1,268,250
Estimated Fair Value 89,380,466 91,287,630
Amortized Cost    
Less than one year 251,196 306,718
Greater than one year through five years 3,733,842 6,229,244
Greater than five years through ten years 84,979,888 83,180,354
Greater than ten years 1,122,288 1,247,461
Amortized Cost $ 90,087,214 $ 90,963,777
v3.26.1
SECURITIES - Unrealized Loss Position (Details)
$ in Thousands
Jun. 30, 2026
USD ($)
security
Dec. 31, 2025
USD ($)
security
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]    
Gross unrealized losses $ (1,290,628) $ (877,450)
Agency Mortgage-Backed Securities    
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Less than 12 months 29,060 2,942
12 Months or more 5,873,226 6,307,396
Estimated fair value 5,902,286 6,310,338
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]    
Less than 12 months (444) (168)
12 Months or more (560,498) (494,102)
Gross unrealized losses $ (560,942) $ (494,270)
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Number of Positions [Abstract]    
Less than 12 months | security 16 1
12 Months or more | security 1,266 1,268
Number of securities | security 1,282 1,269
v3.26.1
SECURITIES - Realized Gain (Loss) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]        
Gross Realized Gains $ 16,283 $ 9,230 $ 62,960 $ 74,110
Gross Realized Losses (33,799) (34,988) (44,569) (154,474)
Net Realized Gains (Losses) $ (17,516) $ (25,758) $ 18,391 $ (80,364)
v3.26.1
LOANS - Narrative (Details) - USD ($)
$ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2026
Dec. 31, 2025
Jun. 30, 2025
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]      
Assets $ 143,741,176 $ 135,609,838 [1] $ 112,141,892
Percentage of portfolio 0.01 0.01  
Residential mortgage loan, securitized amount $ 11,800,000    
Residential Mortgage Loans      
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]      
Assets 7,300,000 $ 5,000,000  
Loans held-for-sale $ 2,100 $ 37,100  
Percent of adjustable-rate loans 12.00% 13.00%  
Fair value $ 7,280,979 $ 5,020,784  
Residential mortgage loan, face value 45,398,184 37,033,580  
Residential Mortgage Loans | Weighted Average      
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]      
Residential mortgage loan, face value $ 450 $ 459  
Loan-to-value ratio at loan origination 67.00% 67.00%  
Residential Mortgage Loans | Financial Asset, Equal to or Greater than 90 Days Past Due      
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]      
Fair value $ 527,600 $ 446,000  
Residential mortgage loan, securitized amount 502,600 405,800  
Residential mortgage loan, face value 524,500 451,500  
Mortgage loans in foreclosure $ 344,700 $ 198,300  
Residential Mortgage Loans | Financial Asset, Equal to or Greater than 90 Days Past Due | Weighted Average      
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]      
Loan-to-value ratio at loan origination 72.00% 73.00%  
[1]
(1)Derived from the audited consolidated financial statements at December 31, 2025.
v3.26.1
LOANS - Investment Loan Activity (Details)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]  
Beginning balance January 1, 2026 $ 5,020,784 [1],[2]
Purchases / organizations / draws 15,012,633
Sales and transfers (12,475,215)
Principal payments (251,049)
Gains / (losses) (8,940)
(Amortization) / accretion (17,234)
Ending balance June 30, 2026 7,280,979 [2]
Exercise of optional redemption provisions of securitization vehicles, carrying value 977,300
Transfer of residential loans to securitization vehicles, carrying value $ 11,800,000
[1]
(1)Derived from the audited consolidated financial statements at December 31, 2025.
[2]
(4)Includes $2.1 million and $37.1 million of residential mortgage loans held for sale at June 30, 2026 and December 31, 2025, respectively.
v3.26.1
LOANS - Fair Value and Unpaid Principal of Residential Mortgage Loan Portfolio (Details) - Residential Mortgage Loans - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Fair value $ 45,537,669 $ 37,088,217
Unpaid principal balance $ 45,398,184 $ 37,033,580
v3.26.1
LOANS - Summary of Comprehensive Income (Loss) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]        
Interest income $ 488,193 $ 273,200 $ 940,884 $ 493,171
Net income (loss) attributable to Annaly 822,673 57,099 1,105,325 181,323
Residential Mortgage Loans        
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]        
Interest income 674,055 467,959 1,270,844 894,014
Net gains (losses) on disposal of investments (38,240) (14,315) (68,182) (24,308)
Net unrealized gains (losses) on instruments measured at fair value through earnings (142,407) 94,051 (127,988) 334,881
Net income (loss) attributable to Annaly $ 493,408 $ 547,695 $ 1,074,674 $ 1,204,587
v3.26.1
LOANS - Geographic Concentrations Based on Unpaid Principal Balances (Details) - Residential mortgage loans - Geographic Concentration Risk
 6 Months Ended 12 Months Ended
Jun. 30, 2026
Dec. 31, 2025
All Locations    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Geographic Concentrations of Residential Mortgage Loans 100.00% 100.00%
California    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Geographic Concentrations of Residential Mortgage Loans 38.00% 39.20%
New York    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Geographic Concentrations of Residential Mortgage Loans 10.60% 11.30%
Florida    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Geographic Concentrations of Residential Mortgage Loans 8.10% 8.70%
Texas    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Geographic Concentrations of Residential Mortgage Loans 5.40% 5.30%
All other (none individually greater than 5%)    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Geographic Concentrations of Residential Mortgage Loans 37.90% 35.50%
v3.26.1
LOANS - Additional Data On Residential Mortgage Loans (Details) - Residential Mortgage Loans
$ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2026
USD ($)
point
Dec. 31, 2025
USD ($)
point
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Unpaid principal balance $ 45,398,184 $ 37,033,580
Minimum    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Unpaid principal balance $ 1 $ 1
Interest rate 1.63% 2.00%
FICO score at loan origination | point 522 549
Loan-to-value ratio at loan origination 1.00% 1.00%
Maximum    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Unpaid principal balance $ 4,396 $ 4,396
Interest rate 18.00% 18.00%
FICO score at loan origination | point 850 850
Loan-to-value ratio at loan origination 100.00% 100.00%
Weighted Average    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Unpaid principal balance $ 450 $ 459
Interest rate 6.62% 6.67%
FICO score at loan origination | point 763 761
Loan-to-value ratio at loan origination 67.00% 67.00%
v3.26.1
MORTGAGE SERVICING RIGHTS - Presentation of Activity Related to MSR (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Servicing Asset at Fair Value, Amount [Roll Forward]        
Fair value, beginning of period $ 4,115,999 $ 3,272,902 $ 3,645,865 $ 2,909,134
Purchases 112,320 39,369 636,671 436,031
Sales (82,011) 0 (82,011) 0
Changes in valuation inputs or assumptions 20,229 28,464 28,166 41,232
Other changes, including realization of expected cash flows (77,052) (59,545) (139,206) (105,207)
Fair value, end of period $ 4,089,485 $ 3,281,190 $ 4,089,485 $ 3,281,190
v3.26.1
VARIABLE INTEREST ENTITIES - Narrative (Details)
$ in Thousands
 1 Months Ended 3 Months Ended 6 Months Ended
Jun. 30, 2026
USD ($)
trust
Mar. 31, 2026
trust
Jun. 30, 2026
USD ($)
Jun. 30, 2025
USD ($)
Jun. 30, 2026
USD ($)
Jun. 30, 2025
USD ($)
Dec. 31, 2025
USD ($)
Variable Interest Entity [Line Items]              
Securitized debt of consolidated VIEs $ 34,366,098   $ 34,366,098   $ 34,366,098   $ 28,918,753 [1]
Securitized debt of consolidated VIE, unrealized gain (loss)     148,000 $ (59,100) 270,300 $ (230,000)  
Net gains (losses) on investments and other     (318,503) 83,503 (990,622) 894,315  
Costs incurred in connection with securitization     58,189 50,018 110,753 98,082  
Outstanding participating interests $ 2,553,709   2,553,709   2,553,709   1,932,655 [1]
Two Securitization Trusts              
Variable Interest Entity [Line Items]              
Number of securitization trusts | trust 2 2          
Net gains (losses) on investments and other     900   1,100    
Consolidated VIEs              
Variable Interest Entity [Line Items]              
Exposure to obligations of VIEs $ 4,000,000   4,000,000   4,000,000    
Securitized debt of consolidated VIEs 34,100,000   34,100,000   34,100,000   28,700,000
Contractual principal amount of debt held by third parties 34,600,000   34,600,000   34,600,000   29,000,000
Costs incurred in connection with securitization     10,200 $ 5,700 18,200 $ 12,500  
Consolidated VIEs | Consolidation, Eliminations              
Variable Interest Entity [Line Items]              
Non-Agency mortgage-backed securities 3,900,000   3,900,000   3,900,000   3,200,000
VIE, Not Primary Beneficiary              
Variable Interest Entity [Line Items]              
Outstanding participating interests $ 2,600,000   $ 2,600,000   $ 2,600,000   $ 1,900,000
[1]
(1)Derived from the audited consolidated financial statements at December 31, 2025.
v3.26.1
VARIABLE INTEREST ENTITIES - Schedule of the Fair Value of OBX Trusts Closed (Details) - Consolidated VIEs
$ in Thousands
Jun. 30, 2026
USD ($)
OBX 2026-NQM1  
Variable Interest Entity [Line Items]  
Face Value at Closing $ 847,216
OBX 2026-NQM2  
Variable Interest Entity [Line Items]  
Face Value at Closing 809,100
OBX 2026-J1  
Variable Interest Entity [Line Items]  
Face Value at Closing 362,128
OBX 2026-INV1  
Variable Interest Entity [Line Items]  
Face Value at Closing 346,305
OBX 2026-NQM3  
Variable Interest Entity [Line Items]  
Face Value at Closing 840,767
OBX 2026-HE1  
Variable Interest Entity [Line Items]  
Face Value at Closing 247,572
OBX 2026-R1  
Variable Interest Entity [Line Items]  
Face Value at Closing 491,816
OBX 2026-NQM4  
Variable Interest Entity [Line Items]  
Face Value at Closing 789,600
OBX 2026-NQM5  
Variable Interest Entity [Line Items]  
Face Value at Closing 876,528
OBX 2026-ACH1  
Variable Interest Entity [Line Items]  
Face Value at Closing 349,308
OBX 2026-INV2  
Variable Interest Entity [Line Items]  
Face Value at Closing 383,750
OBX 2026-CES1  
Variable Interest Entity [Line Items]  
Face Value at Closing 210,909
OBX 2026-NQM6  
Variable Interest Entity [Line Items]  
Face Value at Closing 849,538
OBX 2026-INV3  
Variable Interest Entity [Line Items]  
Face Value at Closing 384,053
OBX 2026-NQM7  
Variable Interest Entity [Line Items]  
Face Value at Closing 932,378
OBX 2026-HYB1  
Variable Interest Entity [Line Items]  
Face Value at Closing 309,084
OBX 2026-INV4  
Variable Interest Entity [Line Items]  
Face Value at Closing 517,726
OBX 2026-R2  
Variable Interest Entity [Line Items]  
Face Value at Closing 407,349
OBX 2026-NQM8  
Variable Interest Entity [Line Items]  
Face Value at Closing 1,022,359
OBX 2026-HE2  
Variable Interest Entity [Line Items]  
Face Value at Closing 210,530
OBX 2026-AHC2  
Variable Interest Entity [Line Items]  
Face Value at Closing $ 339,988
v3.26.1
DERIVATIVE INSTRUMENTS - Narrative (Details) - USD ($)
$ in Billions
Jun. 30, 2026
Dec. 31, 2025
Interest rate swaps, at fair value    
Derivative [Line Items]    
Variation margin $ (2.7) $ (2.0)
v3.26.1
DERIVATIVE INSTRUMENTS - Summary of Fair Value Information about Derivative Assets and Liabilities (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Assets    
Total derivative assets $ 81,784 $ 115,533 [1]
Liabilities    
Interest rate swaps 7,219 16,385
Total derivative liabilities 247,968 53,755 [1]
Futures contracts    
Assets    
Other derivative assets 1,800 71,065
Total derivative assets 1,800 71,065
Liabilities    
Other derivative liabilities 233,242 6,644
Total derivative liabilities 233,242 6,644
Purchase commitments    
Assets    
Other derivative assets 12,277 8,385
Total derivative assets 12,277 8,385
Liabilities    
Other derivative liabilities 2,316 5,632
Total derivative liabilities 2,316 5,632
Interest rate swaps    
Assets    
Interest rate swaps 14,137 7,372
Total derivative assets 14,137 7,372
Liabilities    
Total derivative liabilities 7,219 16,385
Interest rate swaptions    
Assets    
Other derivative assets 3,177 11,063
Total derivative assets 3,177 11,063
Liabilities    
Other derivative liabilities 2,099 11,931
Total derivative liabilities 2,099 11,931
TBA derivatives    
Assets    
Other derivative assets 50,393 17,648
Total derivative assets 50,393 17,648
Liabilities    
Other derivative liabilities 3,092 13,163
Total derivative liabilities $ 3,092 $ 13,163
[1]
(1)Derived from the audited consolidated financial statements at December 31, 2025.
v3.26.1
DERIVATIVE INSTRUMENTS - Summary of Characteristics of Interest Rate Swaps (Details) - USD ($)
$ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2026
Dec. 31, 2025
Interest rate swaps, at fair value    
Derivative [Line Items]    
Current notional $ 73,767,398 $ 63,192,398
Weighted Average Pay Rate 3.20% 3.15%
Weighted Average Receive Rate 3.73% 3.92%
Weighted average years to maturity 4 years 1 month 20 days 4 years 2 months 23 days
Interest rate swaps, at fair value | Federal funds index swap    
Derivative [Line Items]    
Notional amount, percentage 2.00% 2.00%
Interest rate swaps, at fair value | Secured Overnight Financing Rate    
Derivative [Line Items]    
Notional amount, percentage 98.00% 98.00%
Interest rate swaps, at fair value | 0 - 3 years    
Derivative [Line Items]    
Minimum maturity period 0 years 0 years
Maximum maturity period 3 years 3 years
Current notional $ 35,205,637 $ 29,577,637
Weighted Average Pay Rate 3.40% 3.55%
Weighted Average Receive Rate 3.69% 3.88%
Weighted average years to maturity 1 year 3 months 14 days 1 year 4 months 9 days
Interest rate swaps, at fair value | 3 - 6 years    
Derivative [Line Items]    
Minimum maturity period 3 years 3 years
Maximum maturity period 6 years 6 years
Current notional $ 18,864,704 $ 14,646,904
Weighted Average Pay Rate 2.73% 2.67%
Weighted Average Receive Rate 3.81% 3.99%
Weighted average years to maturity 4 years 6 months 25 days 4 years 6 months 14 days
Interest rate swaps, at fair value | 6 - 10 years    
Derivative [Line Items]    
Minimum maturity period 6 years 6 years
Maximum maturity period 10 years 10 years
Current notional $ 18,106,627 $ 17,018,427
Weighted Average Pay Rate 3.39% 3.03%
Weighted Average Receive Rate 3.72% 3.90%
Weighted average years to maturity 7 years 8 months 8 days 7 years 3 months
Interest rate swaps, at fair value | Greater than 10 years    
Derivative [Line Items]    
Minimum maturity period 10 years 10 years
Current notional $ 1,590,430 $ 1,949,430
Weighted Average Pay Rate 3.34% 3.34%
Weighted Average Receive Rate 3.75% 3.92%
Weighted average years to maturity 21 years 8 months 26 days 22 years 7 days
Forward starting pay fixed swaps    
Derivative [Line Items]    
Current notional $ 0 $ 1,500,000
v3.26.1
DERIVATIVE INSTRUMENTS - Summary of Swaptions Outstanding (Details) - Interest Rate Swaption, Receive - USD ($)
$ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2026
Dec. 31, 2025
Notional - Long Positions    
Derivative [Line Items]    
Current Underlying Notional $ 830,000 $ 830,000
Weighted Average Underlying Fixed Rate 3.54% 3.54%
Weighted Average Years to Maturity 7 years 5 months 12 days 7 years 11 months 8 days
Weighted Average Months to Expiration 5 months 9 days 11 months 8 days
Notional - Short Positions    
Derivative [Line Items]    
Current Underlying Notional $ 1,800,000 $ 1,800,000
Weighted Average Underlying Fixed Rate 3.23% 3.23%
Weighted Average Years to Maturity 3 years 5 months 8 days 3 years 11 months 8 days
Weighted Average Months to Expiration 5 months 9 days 11 months 8 days
v3.26.1
DERIVATIVE INSTRUMENTS - Summary of Purchase and Sale Contracts for TBA Derivatives (Details) - TBA derivatives - USD ($)
$ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2026
Dec. 31, 2025
Derivative [Line Items]    
Notional $ 7,177,000 $ 3,327,000
Implied Cost Basis 7,169,573 3,252,601
Implied Market Value 7,216,874 3,257,086
Net Carrying Value 47,301 4,485
Purchase contracts    
Derivative [Line Items]    
Notional 7,777,000 3,861,000
Implied Cost Basis 7,659,953 3,805,867
Implied Market Value 7,708,118 3,814,118
Net Carrying Value 48,165 8,251
Sale contracts    
Derivative [Line Items]    
Notional (600,000) (534,000)
Implied Cost Basis (490,380) (553,266)
Implied Market Value (491,244) (557,032)
Net Carrying Value $ (864) $ (3,766)
v3.26.1
DERIVATIVE INSTRUMENTS - Summary of Certain Characteristics of Futures Derivatives (Details) - USD ($)
$ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2026
Dec. 31, 2025
Futures contracts    
Derivative [Line Items]    
Weighted Average Years to Maturity 9 years 9 months 18 days 8 years 3 months 21 days
Futures contracts | Notional - Long Positions    
Derivative [Line Items]    
Current notional $ 1,000,000 $ 2,473,200
Futures contracts | Notional - Short Positions    
Derivative [Line Items]    
Current notional $ 17,787,900 $ 16,557,900
2-year swap equivalent SOFR contracts    
Derivative [Line Items]    
Maturity period 2 years 2 years
Weighted Average Years to Maturity 2 years 2 years
2-year swap equivalent SOFR contracts | Notional - Long Positions    
Derivative [Line Items]    
Current notional $ 1,000,000 $ 500,000
2-year swap equivalent SOFR contracts | Notional - Short Positions    
Derivative [Line Items]    
Current notional $ 1,000,000 $ 500,000
U.S. Treasury futures - 2 year    
Derivative [Line Items]    
Maturity period 2 years 2 years
Weighted Average Years to Maturity 2 years 1 year 10 months 24 days
U.S. Treasury futures - 2 year | Notional - Long Positions    
Derivative [Line Items]    
Current notional $ 0 $ 0
U.S. Treasury futures - 2 year | Notional - Short Positions    
Derivative [Line Items]    
Current notional $ 1,400,000 $ 3,658,000
U.S. Treasury futures - 5 year    
Derivative [Line Items]    
Maturity period 5 years 5 years
Weighted Average Years to Maturity 4 years 4 months 24 days 4 years 4 months 24 days
U.S. Treasury futures - 5 year | Notional - Long Positions    
Derivative [Line Items]    
Current notional $ 0 $ 1,973,200
U.S. Treasury futures - 5 year | Notional - Short Positions    
Derivative [Line Items]    
Current notional $ 825,000 $ 0
U.S. Treasury futures - 10 year and greater    
Derivative [Line Items]    
Maturity period 10 years 10 years
Weighted Average Years to Maturity 10 years 10 months 9 days 11 years 3 months 29 days
U.S. Treasury futures - 10 year and greater | Notional - Long Positions    
Derivative [Line Items]    
Current notional $ 0 $ 0
U.S. Treasury futures - 10 year and greater | Notional - Short Positions    
Derivative [Line Items]    
Current notional $ 14,452,900 $ 12,399,900
U.S. swap futures - 10 year and greater    
Derivative [Line Items]    
Weighted Average Years to Maturity 10 years 2 months 19 days  
U.S. swap futures - 10 year and greater | Notional - Long Positions    
Derivative [Line Items]    
Maturity period 10 years  
Current notional $ 0  
U.S. swap futures - 10 year and greater | Notional - Short Positions    
Derivative [Line Items]    
Current notional $ 110,000  
v3.26.1
DERIVATIVE INSTRUMENTS - Offsetting of Derivative Assets and Liabilities (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Dec. 31, 2025
Assets          
Gross Amounts $ 81,784   $ 81,784   $ 115,533 [1]
Liabilities          
Gross Amounts 247,968   247,968   53,755 [1]
Futures contracts, at fair value          
Assets          
Gross Amounts 1,800   1,800   71,065
Financial Instruments (1,800)   (1,800)   (6,644)
Cash Collateral 0   0   0
Net Amounts 0   0   64,421
Liabilities          
Gross Amounts 233,242   233,242   6,644
Financial Instruments (1,800)   (1,800)   (6,644)
Cash Collateral (231,442)   (231,442)   0
Net Amounts 0   0   0
Other derivative assets 1,800   1,800   71,065
Other derivative liabilities 233,242   233,242   6,644
Purchase commitments          
Assets          
Gross Amounts 12,277   12,277   8,385
Financial Instruments 0   0   0
Cash Collateral 0   0   0
Net Amounts 12,277   12,277   8,385
Liabilities          
Gross Amounts 2,316   2,316   5,632
Financial Instruments 0   0   0
Cash Collateral 0   0   0
Net Amounts 2,316   2,316   5,632
Other derivative assets 12,277   12,277   8,385
Other derivative liabilities 2,316   2,316   5,632
Realized Gain (Loss) 0 $ 0 0 $ 0  
Interest rate swaps, at fair value          
Assets          
Gross Amounts 14,137   14,137   7,372
Financial Instruments (5,366)   (5,366)   (2,295)
Cash Collateral 0   0   0
Net Amounts 8,771   8,771   5,077
Liabilities          
Gross Amounts 7,219   7,219   16,385
Financial Instruments (7,219)   (7,219)   (16,385)
Cash Collateral 0   0   0
Net Amounts 0   0   0
Interest rate swaptions          
Assets          
Gross Amounts 3,177   3,177   11,063
Financial Instruments (2,099)   (2,099)   (11,063)
Cash Collateral 0   0   0
Net Amounts 1,078   1,078   0
Liabilities          
Gross Amounts 2,099   2,099   11,931
Financial Instruments (2,099)   (2,099)   (11,063)
Cash Collateral 0   0   (300)
Net Amounts 0   0   568
Other derivative assets 3,177   3,177   11,063
Other derivative liabilities 2,099   2,099   11,931
Realized Gain (Loss) 0 (9,230) 20,230 (9,230)  
TBA derivatives, at fair value          
Assets          
Gross Amounts 50,393   50,393   17,648
Financial Instruments (36,890)   (36,890)   (6,603)
Cash Collateral (7,987)   (7,987)   (8,760)
Net Amounts 5,516   5,516   2,285
Liabilities          
Gross Amounts 3,092   3,092   13,163
Financial Instruments (3,092)   (3,092)   (11,942)
Cash Collateral 0   0   0
Net Amounts 0   0   1,221
Other derivative assets 50,393   50,393   17,648
Other derivative liabilities 3,092   3,092   $ 13,163
Realized Gain (Loss) $ (164,932) $ (57,686) $ (151,184) $ (72,041)  
[1]
(1)Derived from the audited consolidated financial statements at December 31, 2025.
v3.26.1
DERIVATIVE INSTRUMENTS - Effect of Interest Rate Swaps on Consolidated Statements of Comprehensive Income (Loss) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]        
Net interest component of interest rate swaps $ 87,458 $ 185,650 $ 184,305 $ 377,195
Realized gains (losses) on termination of interest rate swaps 0 (31,792) (5,750) (75,581)
Unrealized Gain (Loss) $ 448,853 $ (492,183) $ 680,679 $ (1,245,784)
v3.26.1
DERIVATIVE INSTRUMENTS - Effect of Other Derivative Contracts on the Consolidated Statements of Operations and Comprehensive Income (Loss) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Derivative [Line Items]        
Unrealized Gain (Loss) $ 448,853 $ (492,183) $ 680,679 $ (1,245,784)
Amount of Gain/(Loss) Recognized in Net Gains (Losses) on Other Derivatives 16,115 (50,460) 102,304 (422,482)
Purchase commitments        
Derivative [Line Items]        
Realized Gain (Loss) 0 0 0 0
Unrealized Gain (Loss) 10,543 2,580 7,211 12,439
Amount of Gain/(Loss) Recognized in Net Gains (Losses) on Other Derivatives 10,543 2,580 7,211 12,439
US Treasury Futures, And Options        
Derivative [Line Items]        
Realized Gain (Loss) 1,800 500 2,500 9,500
Unrealized Gain (Loss) (10,300) (6,000) (13,900) (6,000)
Net TBA derivatives        
Derivative [Line Items]        
Realized Gain (Loss) (164,932) (57,686) (151,184) (72,041)
Unrealized Gain (Loss) 150,058 74,703 42,816 119,236
Amount of Gain/(Loss) Recognized in Net Gains (Losses) on Other Derivatives (14,874) 17,017 (108,368) 47,195
Net interest rate swaptions        
Derivative [Line Items]        
Realized Gain (Loss) 0 (9,230) 20,230 (9,230)
Unrealized Gain (Loss) 1,043 8,600 1,945 0
Amount of Gain/(Loss) Recognized in Net Gains (Losses) on Other Derivatives 1,043 (630) 22,175 (9,230)
Futures contracts | Futures        
Derivative [Line Items]        
Realized Gain (Loss) 546,671 154,654 477,150 68,298
Unrealized Gain (Loss) (527,268) (224,081) (295,864) (541,184)
Amount of Gain/(Loss) Recognized in Net Gains (Losses) on Other Derivatives $ 19,403 $ (69,427) $ 181,286 $ (472,886)
v3.26.1
FAIR VALUE MEASUREMENTS - Estimated Fair Values of Financial Instruments (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Mar. 31, 2026
Dec. 31, 2025
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Assets            
Agency mortgage-backed securities $ 87,768,578   $ 89,628,654      
Credit risk transfer securities 46,872   213,800      
Loans            
Mortgage servicing rights 4,089,485 $ 4,115,999 3,645,865 $ 3,281,190 $ 3,272,902 $ 2,909,134
Interests in MSR 106,775   28,626      
Assets transferred or pledged to securitization vehicles 38,256,690   32,067,433 [1]      
Derivative assets            
Interest rate swaps 81,784   115,533 [1]      
Other derivatives 67,647   108,161      
Total assets 139,331,198   132,165,871      
Liabilities            
Debt issued by securitization vehicles 34,366,098   28,918,753      
Participations issued 2,553,709   1,932,655 [1]      
U.S. Treasury securities sold, not yet purchased 0   2,396,724 [1]      
Derivative liabilities            
Interest rate swaps 7,219   16,385      
Other derivatives 240,749   37,370      
Total liabilities 37,167,775   33,301,887      
Assets transferred or pledged to securitization vehicles            
Loans            
Assets transferred or pledged to securitization vehicles 38,256,690   32,067,433      
Non-Agency mortgage-backed securities            
Assets            
Non-Agency mortgage-backed securities 1,565,016   1,445,176      
Commercial mortgage-backed securities            
Assets            
Non-Agency mortgage-backed securities 135,019          
Residential mortgage loans            
Loans            
Residential mortgage loans 7,280,979   5,020,784      
Interest rate swaps            
Derivative assets            
Interest rate swaps 14,137   7,372      
Level 1            
Assets            
Agency mortgage-backed securities 0   0      
Credit risk transfer securities 0   0      
Loans            
Mortgage servicing rights 0   0      
Interests in MSR 0   0      
Derivative assets            
Other derivatives 1,800   71,065      
Total assets 1,800   71,065      
Liabilities            
Debt issued by securitization vehicles 0   0      
Participations issued 0   0      
U.S. Treasury securities sold, not yet purchased     2,396,724      
Derivative liabilities            
Interest rate swaps 0   0      
Other derivatives 233,242   6,644      
Total liabilities 233,242   2,403,368      
Level 1 | Assets transferred or pledged to securitization vehicles            
Loans            
Assets transferred or pledged to securitization vehicles 0   0      
Level 1 | Non-Agency mortgage-backed securities            
Assets            
Non-Agency mortgage-backed securities 0   0      
Level 1 | Commercial mortgage-backed securities            
Assets            
Non-Agency mortgage-backed securities 0          
Level 1 | Residential mortgage loans            
Loans            
Residential mortgage loans 0   0      
Level 1 | Interest rate swaps            
Derivative assets            
Interest rate swaps 0   0      
Level 2            
Assets            
Agency mortgage-backed securities 87,768,578   89,628,654      
Credit risk transfer securities 46,872   213,800      
Loans            
Mortgage servicing rights 0   0      
Interests in MSR 0   0      
Derivative assets            
Other derivatives 65,847   37,096      
Total assets 135,133,138   128,420,315      
Liabilities            
Debt issued by securitization vehicles 34,366,098   28,918,753      
Participations issued 2,553,709   1,932,655      
U.S. Treasury securities sold, not yet purchased     0      
Derivative liabilities            
Interest rate swaps 7,219   16,385      
Other derivatives 7,507   30,726      
Total liabilities 36,934,533   30,898,519      
Level 2 | Assets transferred or pledged to securitization vehicles            
Loans            
Assets transferred or pledged to securitization vehicles 38,256,690   32,067,433      
Level 2 | Non-Agency mortgage-backed securities            
Assets            
Non-Agency mortgage-backed securities 1,565,016   1,445,176      
Level 2 | Commercial mortgage-backed securities            
Assets            
Non-Agency mortgage-backed securities 135,019          
Level 2 | Residential mortgage loans            
Loans            
Residential mortgage loans 7,280,979   5,020,784      
Level 2 | Interest rate swaps            
Derivative assets            
Interest rate swaps 14,137   7,372      
Level 3            
Assets            
Agency mortgage-backed securities 0   0      
Credit risk transfer securities 0   0      
Loans            
Mortgage servicing rights 4,089,485   3,645,865      
Interests in MSR 106,775   28,626      
Derivative assets            
Other derivatives 0   0      
Total assets 4,196,260   3,674,491      
Liabilities            
Debt issued by securitization vehicles 0   0      
Participations issued 0   0      
U.S. Treasury securities sold, not yet purchased     0      
Derivative liabilities            
Interest rate swaps 0   0      
Other derivatives 0   0      
Total liabilities 0   0      
Level 3 | Assets transferred or pledged to securitization vehicles            
Loans            
Assets transferred or pledged to securitization vehicles 0   0      
Level 3 | Non-Agency mortgage-backed securities            
Assets            
Non-Agency mortgage-backed securities 0   0      
Level 3 | Commercial mortgage-backed securities            
Assets            
Non-Agency mortgage-backed securities 0          
Level 3 | Residential mortgage loans            
Loans            
Residential mortgage loans 0   0      
Level 3 | Interest rate swaps            
Derivative assets            
Interest rate swaps $ 0   $ 0      
[1]
(1)Derived from the audited consolidated financial statements at December 31, 2025.
v3.26.1
FAIR VALUE MEASUREMENTS - Information about Significant Unobservable Inputs Used for Recurring Fair Value Measurements for Level 3 MSRs (Detail) - Level 3 - MSR
Jun. 30, 2026
USD ($)
Dec. 31, 2025
USD ($)
Discount rate | Minimum    
Fair Value, Option, Quantitative Disclosures [Line Items]    
MSR measurement inputs 0.056 0.047
Discount rate | Maximum    
Fair Value, Option, Quantitative Disclosures [Line Items]    
MSR measurement inputs 0.112 0.120
Discount rate | Weighted Average    
Fair Value, Option, Quantitative Disclosures [Line Items]    
MSR measurement inputs 0.078 0.079
Prepayment rate | Minimum    
Fair Value, Option, Quantitative Disclosures [Line Items]    
MSR measurement inputs 0.047 0.046
Prepayment rate | Maximum    
Fair Value, Option, Quantitative Disclosures [Line Items]    
MSR measurement inputs 0.187 0.228
Prepayment rate | Weighted Average    
Fair Value, Option, Quantitative Disclosures [Line Items]    
MSR measurement inputs 0.059 0.058
Delinquency rate | Minimum    
Fair Value, Option, Quantitative Disclosures [Line Items]    
MSR measurement inputs 0.002 0.002
Delinquency rate | Maximum    
Fair Value, Option, Quantitative Disclosures [Line Items]    
MSR measurement inputs 0.047 0.037
Delinquency rate | Weighted Average    
Fair Value, Option, Quantitative Disclosures [Line Items]    
MSR measurement inputs 0.012 0.011
Cost to service | Minimum    
Fair Value, Option, Quantitative Disclosures [Line Items]    
MSR measurement inputs 68 68
Cost to service | Maximum    
Fair Value, Option, Quantitative Disclosures [Line Items]    
MSR measurement inputs 92 93
Cost to service | Weighted Average    
Fair Value, Option, Quantitative Disclosures [Line Items]    
MSR measurement inputs 80 82
v3.26.1
FAIR VALUE MEASUREMENTS - Estimated Fair Values for All Financial Assets and Liabilities (Detail) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Financial liabilities    
Other secured financing $ 1,125,000 $ 1,075,000 [1]
Carrying Value | Level 2    
Assets    
Reverse repurchase agreements 33,047 34,389
Financial liabilities    
Repurchase agreements 86,895,874 81,865,723
Other secured financing 1,125,000 1,075,000
Fair Value | Level 2    
Assets    
Reverse repurchase agreements 33,047 34,389
Financial liabilities    
Repurchase agreements 86,895,874 81,865,723
Other secured financing $ 1,125,000 $ 1,075,000
[1]
(1)Derived from the audited consolidated financial statements at December 31, 2025.
v3.26.1
INTANGIBLE ASSETS - Narrative (Details)
$ in Millions
Jun. 30, 2020
USD ($)
Assembled workforce  
Intangible Asset, Finite-Lived [Line Items]  
Intangible assets acquired $ 41.2
v3.26.1
INTANGIBLE ASSETS - Summary of Indefinite and Finite-Lived Intangible Assets (Details)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
USD ($)
Intangible Assets, net  
Beginning balance January 1, 2026 $ 6,726 [1]
Less: amortization expense (1,346)
Ending balance June 30, 2026 $ 5,380
[1]
(1)Derived from the audited consolidated financial statements at December 31, 2025.
v3.26.1
SECURED FINANCING - Narrative (Details) - USD ($)
$ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2026
Dec. 31, 2025
Repurchase Agreements:    
Netted amounts $ 86,895,874 $ 81,865,723 [1]
Repurchase agreements, weighted average remaining maturities 33 days 35 days
Repurchase agreements weighted average rate 3.85% 4.02%
Repurchase agreement amount $ 6,100,000  
Remaining capacity of repurchase agreement 2,400,000  
Fair value of collateral received for reverse repurchase agreements 83,000 $ 2,500,000
Fair value of securities sold 0 2,400,000
Other secured financing $ 1,125,000 $ 1,075,000 [1]
Debt weighted average interest rate 6.23% 6.44%
Secured financings and interest rate swaps - collateral held, estimated fair value $ 91,100,000 $ 89,000,000
Secured financings and interest rate swaps - collateral held, accrued interest 434,300 404,100
Line of Credit | Mortgage Servicing Rights Committed Credit Facility    
Repurchase Agreements:    
Credit facility, maximum borrowing capacity $ 2,300,000 $ 2,200,000
Minimum    
Repurchase Agreements:    
Debt instrument, maturity 6 months 1 year 22 days
Maximum    
Repurchase Agreements:    
Debt instrument, maturity 2 years 2 years
[1]
(1)Derived from the audited consolidated financial statements at December 31, 2025.
v3.26.1
SECURED FINANCING - Repurchase Agreements - Remaining Maturities, Collateral Types and Weighted Average Rate (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Repurchase Agreements:    
Gross amounts $ 86,945,874 $ 84,303,067
Amounts offset (50,000) (2,437,344)
Net amounts of Repurchase agreements as presented in the Consolidated Statements of Financial Condition $ 86,895,874 $ 81,865,723 [1]
Repurchase agreements, remaining maturities, percentage 1.00% 1.00%
CRTs    
Repurchase Agreements:    
Gross amounts $ 0 $ 96,162
Non-Agency Mortgage-Backed Securities    
Repurchase Agreements:    
Gross amounts 3,261,264 2,697,344
Residential Mortgage Loans    
Repurchase Agreements:    
Gross amounts 3,666,812 2,217,938
Agency Mortgage-Backed Securities    
Repurchase Agreements:    
Gross amounts 80,017,798 79,291,623
Commercial Mortgage-Backed Securities    
Repurchase Agreements:    
Gross amounts 0 0
1 day    
Repurchase Agreements:    
Gross amounts 35,351,368 0
1 day | CRTs    
Repurchase Agreements:    
Gross amounts 0 0
1 day | Non-Agency Mortgage-Backed Securities    
Repurchase Agreements:    
Gross amounts 26,890 0
1 day | Residential Mortgage Loans    
Repurchase Agreements:    
Gross amounts 0 0
1 day | Agency Mortgage-Backed Securities    
Repurchase Agreements:    
Gross amounts 35,324,478 0
1 day | Commercial Mortgage-Backed Securities    
Repurchase Agreements:    
Gross amounts 0 0
2 to 29 days    
Repurchase Agreements:    
Gross amounts 13,873,486 44,954,910
2 to 29 days | CRTs    
Repurchase Agreements:    
Gross amounts 0 96,162
2 to 29 days | Non-Agency Mortgage-Backed Securities    
Repurchase Agreements:    
Gross amounts 1,277,694 1,371,672
2 to 29 days | Residential Mortgage Loans    
Repurchase Agreements:    
Gross amounts 0 0
2 to 29 days | Agency Mortgage-Backed Securities    
Repurchase Agreements:    
Gross amounts 12,595,792 43,487,076
2 to 29 days | Commercial Mortgage-Backed Securities    
Repurchase Agreements:    
Gross amounts 0 0
30 to 59 days    
Repurchase Agreements:    
Gross amounts 28,036,526 32,731,191
30 to 59 days | CRTs    
Repurchase Agreements:    
Gross amounts 0 0
30 to 59 days | Non-Agency Mortgage-Backed Securities    
Repurchase Agreements:    
Gross amounts 904,094 376,364
30 to 59 days | Residential Mortgage Loans    
Repurchase Agreements:    
Gross amounts 0 519,921
30 to 59 days | Agency Mortgage-Backed Securities    
Repurchase Agreements:    
Gross amounts 27,132,432 31,834,906
30 to 59 days | Commercial Mortgage-Backed Securities    
Repurchase Agreements:    
Gross amounts 0 0
60 to 89 days    
Repurchase Agreements:    
Gross amounts 5,482,240 4,624,845
60 to 89 days | CRTs    
Repurchase Agreements:    
Gross amounts 0 0
60 to 89 days | Non-Agency Mortgage-Backed Securities    
Repurchase Agreements:    
Gross amounts 527,659 655,204
60 to 89 days | Residential Mortgage Loans    
Repurchase Agreements:    
Gross amounts 0 0
60 to 89 days | Agency Mortgage-Backed Securities    
Repurchase Agreements:    
Gross amounts 4,954,581 3,969,641
60 to 89 days | Commercial Mortgage-Backed Securities    
Repurchase Agreements:    
Gross amounts 0 0
90 to 119 days    
Repurchase Agreements:    
Gross amounts 88,963 184,068
90 to 119 days | CRTs    
Repurchase Agreements:    
Gross amounts 0 0
90 to 119 days | Non-Agency Mortgage-Backed Securities    
Repurchase Agreements:    
Gross amounts 87,054 18,763
90 to 119 days | Residential Mortgage Loans    
Repurchase Agreements:    
Gross amounts 0 165,305
90 to 119 days | Agency Mortgage-Backed Securities    
Repurchase Agreements:    
Gross amounts 1,909 0
90 to 119 days | Commercial Mortgage-Backed Securities    
Repurchase Agreements:    
Gross amounts 0 0
Over 119 days    
Repurchase Agreements:    
Gross amounts 4,113,291 1,808,053
Over 119 days | CRTs    
Repurchase Agreements:    
Gross amounts 0 0
Over 119 days | Non-Agency Mortgage-Backed Securities    
Repurchase Agreements:    
Gross amounts 437,873 275,341
Over 119 days | Residential Mortgage Loans    
Repurchase Agreements:    
Gross amounts 3,666,812 1,532,712
Over 119 days | Agency Mortgage-Backed Securities    
Repurchase Agreements:    
Gross amounts 8,606 0
Over 119 days | Commercial Mortgage-Backed Securities    
Repurchase Agreements:    
Gross amounts $ 0 $ 0
[1]
(1)Derived from the audited consolidated financial statements at December 31, 2025.