Risk Sleuth
NLY · 10-K filed 12 Feb 2026 · year to 31 Dec 2025

Annaly Capital Management

30 named things its latest annual report says its results depend on, each in the company's own words. 24 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Suppliers

Mortgage servicers and sub-servicers

depends onnamed as a risk
We depend on a variety of services provided by third party service providers related to our investments in mortgage loans and MSR as well as for general operating purposes.Risk factors (Item 1A)

Partners and platforms

Fannie Mae

depends on · 89%named as a risk
The interest and principal payments we expect to receive on the Agency mortgage-backed securities in which we invest are guaranteed by Fannie Mae, Freddie Mac or Ginnie Mae.Risk factors (Item 1A)

Also named by ABR, AGNC, BAC, CBRE, DX, FICO, FSUN, JLL and 7 more

Freddie Mac

depends onnamed as a risk
If Fannie Mae or Freddie Mac was eliminated, or their structures were to change in a material manner that is not compatible with our business model, we would not be able to acquire Agency mortgage-backed securities from these entities, which could adversely affect our business operations.Risk factors (Item 1A)

Also named by ABR, AGNC, BAC, CBRE, DX, FICO, FSUN, LEN and 5 more

Ginnie Mae

depends onnamed as a risk
Our rights to the excess servicing spread are subordinate to the interests of Fannie Mae, Freddie Mac and Ginnie Mae, and are subject to extinguishment.Risk factors (Item 1A)

Also named by ABR, AGNC, FSUN, LEN, NVR, PHM, RITM, RKT

Derivatives Clearing Organizations and Futures Commission Merchants

depends onnamed as a risk
For any cleared swap, we bear the credit risk of both the DCO and the relevant FCM, in the form of potential late or unrecoverable payments, potential difficulty or delay in accessing collateral that we have posted, and potential loss of any positive market value of the swap position.Risk factors (Item 1A)

Fixed Income Clearing Corporation (FICC)

depends on
As an eligible institution, Arcola also raises funds through the General Collateral Finance Repo service offered by the Fixed Income Clearing Corporation (“FICC”), with FICC acting as the central counterparty.Business (Item 1)

Also named by CBOE, CME, STT

GIC Private Limited

We have partnered with GIC Private Limited (“GIC”), a leading sovereign wealth fund, through the creation of a joint venture with the purpose of investing in residential credit assets, including newly-originated residential loans and securities issued by our subsidiaries.Business (Item 1)

Fifth Wall Ventures

We have partnered with Fifth Wall Ventures, the largest venture capital firm focused on technology for the real estate industry, through a commitment to invest in their funds that target investments in North American early- and late-stage real estate software and marketplace companies.Business (Item 1)

Places

Florida

operates innamed as a risk
The foreclosure process, especially in judicial foreclosure states such as New York, Florida and New Jersey can be lengthy and expensive, and the delays and costs involved in completing a foreclosure, and then liquidating the property through sale, may materially increase any related loss.Risk factors (Item 1A)

Also named by ABR, ALLY, AN, AXP, AZO, BBY, BJ, BRO and 54 more

New York

operates innamed as a risk
The foreclosure process, especially in judicial foreclosure states such as New York, Florida and New Jersey can be lengthy and expensive, and the delays and costs involved in completing a foreclosure, and then liquidating the property through sale, may materially increase any related loss.Risk factors (Item 1A)

Also named by ABR, AXP, BJ, BPOP, BRO, BWA, CHE, CINF and 12 more

New Jersey

operates innamed as a risk
The foreclosure process, especially in judicial foreclosure states such as New York, Florida and New Jersey can be lengthy and expensive, and the delays and costs involved in completing a foreclosure, and then liquidating the property through sale, may materially increase any related loss.Risk factors (Item 1A)

Also named by AWK, AXP, COO, FE, MUSA, PEG

Hazards

Hurricanes

named as a risk
Assets in certain regional areas are more susceptible to certain hazards (such as earthquakes, widespread fires, floods or hurricanes) than properties in other parts of the country and collateral properties located in coastal states may be more susceptible to hurricanes than properties in other parts of the country.Risk factors (Item 1A)

Also named by AIG, AN, ASO, BAC, BBY, BJ, BPOP, BRO and 89 more

Commodities and inputs

Mortgage servicing rights (MSR)

exposed to its price · 19%named as a risk
The value of MSR is highly sensitive to changes in prepayment rates.Risk factors (Item 1A)

Also named by FITB, FSUN, HBAN, JPM, RKT, SSB

Agency mortgage-backed securities

exposed to its price · 89%named as a risk
Volatility and deterioration in the markets for mortgages and mortgage-related assets as well as the broader financial markets may adversely affect the performance and market value of our Agency mortgage-backed securities.Risk factors (Item 1A)

Also named by EFSC, TFC

Repurchase agreement market

depends on · $81.9 billion of repurchase agreements outstandingnamed as a risk
At December 31, 2025, we had $81.9 billion of repurchase agreements outstanding.Business (Item 1)

Secured Overnight Financing Rate (SOFR)

exposed to its pricenamed as a risk
Accordingly, in a period of rising interest rates, we could experience a decrease in net income or a net loss because the interest rates on our borrowings adjust faster than the interest rates on our adjustable-rate interest earning assets.Risk factors (Item 1A)

Also named by ABR, ADBE, AGM, AMG, ARCC, BCSF, BRO, CAT and 21 more

Credit risk transfer securities (CAS and STACR)

exposed to its pricenamed as a risk
The CRT sector is comprised of the risk sharing transactions issued by Fannie Mae (“CAS”) and Freddie Mac (“STACR”), and similarly structured transactions arranged by third party market participants.Risk factors (Item 1A)

Also named by AGNC

Regulators

Federal Reserve

exposed to its price · approximately $2.0 trillion of Agency mortgage-backed securitiesnamed as a risk
Meanwhile, any potential future reduction of the Fed’s balance sheet might lead to higher interest rate volatility and wider mortgage-backed security spreads that could negatively impact Annaly’s portfolio.Risk factors (Item 1A)

Also named by AGNC, AUB, AXP, BAC, CASH, COF, DX, EFSC and 24 more

U.S. Securities and Exchange Commission (SEC)

subject tonamed as a risk
If the SEC changes its views regarding which securities are Qualifying Real Estate Assets or real estate related assets, adopts a contrary interpretation with respect to Agency Whole Pool Certificates or otherwise believes we do not satisfy the exemption under Section 3(c)(5)(C), we could be required to restructure our activities or sell certain of our assets.Risk factors (Item 1A)

Also named by AB, ADSK, AMG, AMP, ARCC, ARES, BAM, BCSF and 44 more

Consumer Financial Protection Bureau (CFPB)

subject tonamed as a risk
Recent developments have resulted in significant agency-level changes at the CFPB, including the withdrawal of a substantial number of interpretative rules, policy statements and other guidance documents and uncertainty regarding the CFPB’s funding, examination activity and enforcement capacity.Risk factors (Item 1A)

Also named by ABNB, AFRM, ALLY, AN, AUB, AXP, BAC, CASH and 61 more

Federal Housing Finance Agency (FHFA)

subject tonamed as a risk
In September 2008, Fannie Mae and Freddie Mac were placed into the conservatorship of the FHFA.Risk factors (Item 1A)

Also named by ABR, AGNC, DHI, DX, ELS, FICO, RITM, RKT and 1 more

Commodity Futures Trading Commission (CFTC)

subject to
We have submitted a claim for the relief set forth in the no-action relief entitled “No-Action Relief from the Commodity Pool Operator Registration Requirement for Commodity Pool Operators of Certain Pooled Investment Vehicles Organized as Mortgage Real Estate Investment Trusts” and believe we meet the criteria for such relief set forth therein.Business (Item 1)

Also named by AB, ADM, AGNC, AMG, BAC, BGC, BMNR, C and 35 more

Financial Industry Regulatory Authority (FINRA)

subject to
As a self-clearing, registered broker-dealer, Arcola is required to maintain minimum net capital by the SEC and FINRA.Business (Item 1)

Also named by AB, ADP, AGNC, AMG, AMP, BAM, BEN, BR and 23 more

U.S. Department of Housing and Urban Development (HUD)

subject to
We also have a subsidiary that operates as a licensed mortgage aggregator and master servicer, which subjects it to individual state licensing laws and to supervision and examination by federal authorities, including the Consumer Financial Protection Bureau (“CFPB”), the U.S. Department of Housing and Urban Development (“HUD”), the SEC as well as various state licensing, supervisory and administrative agencies.Business (Item 1)

Also named by ABR, BLDR, DHI, ENSG, PATK, STWD

Laws and programs

Investment Company Act of 1940 Section 3(c)(5)(C)

subject to · at least 55% of our assetsnamed as a risk
Our business will be materially and adversely affected if we fail to qualify for this exemption.Risk factors (Item 1A)

Also named by AGNC, DX

Internal Revenue Code REIT provisions

subject to · at least 90% of our REIT taxable incomenamed as a risk
If we fail to maintain our qualification as a REIT, we would be subject to U.S. federal income tax at regular corporate rates.Risk factors (Item 1A)

Also named by AGNC

Onslow Bay private-label securitization program (OBX)

depends on · $15.2 billion of residential whole loansnamed as a risk
During the year ended December 31, 2025, we issued 29 OBX securitizations backed by $15.2 billion of residential whole loans.Business (Item 1)

Truth in Lending Act

subject tonamed as a risk
The Truth in Lending Act or other similar consumer protection laws and regulations expose an owner of whole mortgage loans and mortgage servicing rights to potential civil and administrative liability.Risk factors (Item 1A)

Also named by AN, COF, EZPW

Investment Advisers Act

subject tonamed as a risk
We have a subsidiary that is registered with the SEC as an investment adviser under the Investment Advisers Act.Risk factors (Item 1A)

Also named by APO, MSCI

U.S. Bankruptcy Code

subject tonamed as a risk
In the event of our insolvency or bankruptcy, certain repurchase and derivative agreements may qualify for special treatment under the U.S. Bankruptcy Code, the effect of which, among other things, would be to allow the lender to avoid the automatic stay provisions of the U.S. Bankruptcy Code and to foreclose on and/or liquidate the collateral pledged under such agreements without delay.Risk factors (Item 1A)

Also named by MS, OHI