Annaly Capital Management, Inc. (NLY) Balance Sheet
NLY balance sheet, 2025
December 31, 2025 · U.S. dollars$135.61B assets = $119.45B liabilities + $16.16B equity
Both columns are drawn to the same scale: what NLY owns equals what it owes plus shareholders’ equity. Hover a block for its value.
NLY financial health
Descriptive bands, not a rating. Fiscal 2025.
NLY balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $87.91B2016 | $135.61B2025 | +4.9%/yr | |
| Total liabilities | $75.33B2016 | $119.45B2025 | +5.3%/yr | |
| Shareholders’ equity | $12.58B2016 | $16.09B2025 | +2.8%/yr | |
| Cash & short-term investments | $1.54B2016 | $2.04B2025 | +3.2%/yr | |
| Total debt | $67.07B2016 | $111.86B2025 | +5.8%/yr | |
| Net cash (debt) | −$65.53B2016 | −$109.82B2025 | −$44.3B | |
| Working capital | −$25.5M2016 | −$81.84B2025 | −$81.8B | |
| Book value per share | $51.852016 | $25.102025 | −7.7%/yr | |
| Current ratio | 0.932016 | 0.032025 | −0.89 | |
| Debt / equity | 5.332016 | 6.952025 | +1.62 | |
| Shares outstanding | 242.5M2016 | 641.0M2025 | +11.4%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
NLY assets
NLY liabilities and equity
NLY debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
NLY balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $2.04B | $2.35B | $4.49B | $1.58B | $1.34B | $1.24B | $1.85B | $1.74B | $706.6M | $1.54B |
| Cash & equivalents | $2.04B | $285.1M | $275.9M | $1.58B | $1.34B | $1.24B | $1.85B | $1.74B | $706.6M | $1.54B |
| Short-term investments | $8.48B | $2.06B | $4.21B | −$9.12B | $170.4M | $171.1M | $113.6M | −$2.74B | $92.9M | $60.2M |
| Receivables | $927.7M | $1.07B | $1.22B | $1.21B | $237.6M | $284.0M | $454.7M | $426.1M | $324.8M | $321.9M |
| Inventory | $0 | $0 | −$162.6M | −$342.1M | −$170.4M | −$171.1M | −$113.6M | −$200.5M | −$313.9M | $114.4M |
| Other current assets | $0 | $0 | $1.30B | $342.1M | $170.4M | $171.1M | $113.6M | $0 | $0 | $0 |
| Total current assets | $2.96B | $3.42B | $6.85B | $2.79B | $1.58B | $1.53B | $2.31B | $426.1M | $324.8M | $321.9M |
| Property, plant & equipment (net) | $0 | $27.9M | $5.9M | $8.9M | $10.5M | $13.2M | $15.8M | −$105.79B | $580.9M | $652.2M |
| Goodwill & intangible assets | $13.5M | $458.3M | $2.49B | $1.76B | $638.1M | $228.2M | $470.9M | $658.7M | $675.9M | $758.2M |
| Long-term investments | $8.48B | $2.06B | $4.21B | $74.91B | $64.25B | $827.4M | $839.2M | $5.88B | $2.28B | $1.27B |
| Other non-current assets | $124.15B | $97.59B | $79.67B | $2.38B | $10.29B | $85.86B | $126.66B | $204.61B | $97.90B | $84.90B |
| Total assets | $135.61B | $103.56B | $93.23B | $81.85B | $76.76B | $88.46B | $130.30B | $105.79B | $101.76B | $87.91B |
| Liabilities | ||||||||||
| Accounts payable | $2.06B | $268.3M | $287.9M | $1.48B | $239.1M | $1.08B | $939.7M | $1.15B | $460.8M | $347.3M |
| Short-term debt | $81.87B | $68.91B | $64.83B | $250.0M | $903.3M | $64.87B | $103.24B | $80.58B | $77.70B | $65.22B |
| Deferred revenue | — | — | — | $1.23B | — | −$63.79B | −$102.30B | −$100.21B | −$94.49B | −$88.03B |
| Total current liabilities | $84.80B | $69.86B | $68.70B | $1.48B | $1.14B | $1.08B | $939.7M | $1.15B | $460.8M | $347.3M |
| Long-term debt | $31.93B | $21.78B | $13.20B | $8.80B | $7.11B | $1.46B | $1.29B | $1.40B | $917.5M | $1.85B |
| Other long-term liabilities | $2.72B | $0 | $0 | $0 | $0 | $5.58B | $9.27B | $90.27B | $85.97B | $73.47B |
| Total liabilities | $119.45B | $90.86B | $81.88B | $70.48B | $63.57B | $74.43B | $114.50B | $91.67B | $86.89B | $75.33B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $7.1M | $5.8M | $5.0M | $4.7M | $14.6M | $14.0M | $14.3M | $13.1M | $17.23B | $10.2M |
| Retained earnings (deficit) | −$13.16B | −$13.17B | −$12.62B | −$9.54B | −$9.65B | −$10.67B | −$8.31B | −$4.49B | −$2.96B | −$3.14B |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | −$488.6M | −$1.02B | −$1.34B | −$3.71B | $958.4M | $3.37B | $2.14B | −$1.98B | −$1.13B | −$1.09B |
| Minority interest | $69.1M | $87.7M | $89.3M | $99.0M | $25.5M | $13.5M | $4.3M | $5.7M | $6.1M | $7.8M |
| Total shareholders' equity | $16.09B | $12.61B | $11.26B | $11.37B | $13.20B | $14.02B | $15.80B | $14.12B | $14.87B | $12.58B |
| Key figures | ||||||||||
| Total debt | $111.86B | $89.61B | $77.54B | $9.05B | $8.01B | $66.33B | $104.53B | $81.98B | $78.61B | $67.07B |
| Net cash (debt) | −$109.82B | −$87.26B | −$73.05B | −$7.47B | −$6.67B | −$65.09B | −$102.68B | −$80.25B | −$77.91B | −$65.53B |
| Working capital | −$81.84B | −$66.44B | −$61.85B | $1.31B | $437.4M | $452.5M | $1.37B | −$727.8M | −$136.1M | −$25.5M |
| Tangible book value | $16.08B | $12.15B | $8.77B | $9.60B | $12.56B | $13.79B | $15.33B | $13.46B | $14.20B | $11.82B |
| Book value per share | $25.10 | $24.12 | $22.76 | $27.62 | $36.95 | $39.65 | $44.03 | $46.69 | $55.78 | $51.85 |
| Shares outstanding | 641.0M | 522.7M | 494.5M | 411.6M | 357.1M | 353.7M | 358.7M | 302.4M | 266.6M | 242.5M |
| Current ratio | 0.03 | 0.05 | 0.10 | 1.88 | 1.38 | 1.42 | 2.45 | 0.37 | 0.70 | 0.93 |
| Quick ratio | 0.03 | 0.05 | 0.08 | 1.88 | 1.38 | 1.42 | 2.45 | 1.87 | 2.24 | 5.36 |
| Debt / equity | 6.95 | 7.11 | 6.89 | 0.80 | 0.61 | 4.73 | 6.62 | 5.81 | 5.29 | 5.33 |
| Equity / assets | 11.9% | 12.2% | 12.1% | 13.9% | 17.2% | 15.9% | 12.1% | 13.3% | 14.6% | 14.3% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $2.91B | $1.91B | $2.04B | $320.3M | $267.1M | $296.9M | $2.35B | $324.2M | $320.6M | $298.3M | $275.9M | $1.24B |
| Cash & equivalents | $2.91B | $1.91B | $2.04B | $320.3M | $267.1M | $296.9M | $285.1M | $324.2M | $320.6M | $298.3M | $275.9M | $1.24B |
| Short-term investments | — | — | $8.48B | — | — | — | $2.06B | — | $187.9M | $203.8M | $1.14B | $549.8M |
| Receivables | $846.5M | $806.5M | $926.7M | $959.4M | $830.5M | $836.9M | $1.07B | $1.06B | $1.24B | $1.81B | $3.93B | $2.21B |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $3.39B | −$187.9M | −$203.8M | −$162.6M | −$549.8M |
| Other current assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $187.9M | $203.8M | $0 | $0 |
| Total current assets | $3.76B | $2.72B | $2.96B | $1.28B | $1.10B | $1.13B | $3.42B | $1.39B | $1.56B | $2.11B | $275.9M | $1.16B |
| Property, plant & equipment (net) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $3.7M | $4.4M | $5.2M | $5.9M | $6.7M |
| Goodwill & intangible assets | $5.4M | $6.1M | $6.7M | $354.7M | $44.1M | $488.2M | $458.3M | $870.7M | $941.2M | $816.3M | $2.49B | $2.26B |
| Long-term investments | $6.23B | $5.96B | $8.48B | $8.68B | $5.25B | $7.09B | $2.06B | $5.72B | $4.24B | $4.90B | $4.21B | $69.86B |
| Other non-current assets | $133.75B | $129.85B | $124.16B | $115.54B | $105.75B | $96.40B | $97.62B | $93.54B | $86.92B | $83.66B | $86.24B | $16.36B |
| Total assets | $143.74B | $138.54B | $135.61B | $125.86B | $112.14B | $105.12B | $103.56B | $101.52B | $93.67B | $91.48B | $93.23B | $89.65B |
| Liabilities | ||||||||||||
| Accounts payable | $331.6M | $347.6M | $2.06B | $285.1M | $256.2M | $285.9M | $268.3M | $276.4M | $369.1M | $350.4M | $287.9M | $2.41B |
| Short-term debt | $86.90B | $85.07B | $81.87B | $78.59B | $70.09B | $65.08B | $68.91B | $66.95B | $61.20B | $61.28B | $500.0M | $64.69B |
| Deferred revenue | — | — | — | — | — | — | — | — | −$227.9M | $2.18B | — | −$62.28B |
| Total current liabilities | $88.72B | $85.07B | $84.80B | $81.95B | $72.34B | $68.09B | $69.86B | $69.48B | $62.99B | $64.51B | $68.45B | $2.41B |
| Long-term debt | $36.92B | $33.20B | $31.93B | $29.74B | $26.69B | $24.45B | $21.78B | $20.11B | $16.98B | $15.45B | $12.70B | $11.27B |
| Other long-term liabilities | $1.12B | $3.94B | $2.72B | $0 | $0 | $0 | $0 | $0 | $2.44B | $21.9M | $0 | $0 |
| Total liabilities | $126.76B | $122.21B | $119.45B | $110.86B | $98.67B | $92.03B | $90.86B | $88.98B | $82.41B | $79.99B | $81.88B | $78.97B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $7.5M | $7.3M | $7.1M | $6.8M | $6.4M | $6.0M | $5.8M | $5.6M | $5.0M | $5.0M | $5.0M | $4.9M |
| Retained earnings (deficit) | −$13.21B | −$13.43B | −$13.16B | −$13.63B | −$13.94B | −$13.51B | −$13.17B | −$13.24B | −$12.90B | −$12.52B | −$12.62B | −$11.86B |
| Accumulated other comprehensive income | −$557.0M | −$533.6M | −$488.6M | −$624.4M | −$740.0M | −$787.4M | −$1.02B | −$712.2M | −$1.16B | −$1.28B | −$1.34B | −$2.69B |
| Minority interest | $53.0M | $51.7M | $69.1M | $85.7M | $93.1M | — | — | — | — | — | — | — |
| Total shareholders' equity | $16.93B | $16.27B | $16.09B | $14.91B | $13.38B | $12.99B | $12.61B | $12.44B | $11.18B | $11.41B | $11.26B | $10.56B |
| Key figures | ||||||||||||
| Total debt | $124.94B | $116.91B | $111.86B | $107.02B | $95.76B | $88.63B | $89.61B | $86.13B | $78.18B | $76.73B | $13.46B | $75.97B |
| Net cash (debt) | −$122.03B | −$115.00B | −$109.82B | −$106.70B | −$95.49B | −$88.33B | −$87.26B | −$85.81B | −$77.85B | −$76.43B | −$13.18B | −$74.73B |
| Working capital | −$84.96B | −$82.35B | −$81.84B | −$80.67B | −$71.24B | −$66.96B | −$66.44B | −$68.09B | −$61.43B | −$62.41B | −$68.17B | −$1.25B |
| Tangible book value | $16.92B | $16.27B | $16.08B | $14.56B | $13.34B | $12.51B | $12.15B | $11.57B | $10.24B | $10.59B | $8.77B | $8.30B |
| Book value per share | $23.11 | $22.47 | $23.15 | $23.94 | $21.54 | $22.08 | $22.10 | $24.08 | $22.32 | $22.77 | $22.52 | $21.37 |
| Shares outstanding | 732.3M | 724.4M | 695.0M | 622.8M | 621.1M | 588.4M | 570.7M | 516.8M | 501.0M | 501.2M | 499.9M | 494.3M |
| Current ratio | 0.04 | 0.03 | 0.03 | 0.02 | 0.02 | 0.02 | 0.05 | 0.02 | 0.02 | 0.03 | 0.00 | 0.48 |
| Quick ratio | 0.04 | 0.03 | 0.03 | 0.02 | 0.02 | 0.02 | 0.05 | 0.02 | 0.02 | 0.03 | 0.06 | 1.43 |
| Debt / equity | 7.38 | 7.18 | 6.95 | 7.18 | 7.16 | 6.82 | 7.11 | 6.92 | 6.99 | 6.73 | 1.20 | 7.19 |
| Equity / assets | 11.8% | 11.7% | 11.9% | 11.8% | 11.9% | 12.4% | 12.2% | 12.3% | 11.9% | 12.5% | 12.1% | 11.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 12, 2026); data from EODHD.
NLY financial position
At the end of fiscal 2025 (December 31, 2025), Annaly Capital Management had total assets of $135.6 billion (up 31.0% from a year earlier), total liabilities of $119.4 billion and shareholders' equity of $16.1 billion. It held $2.0 billion in cash and short-term investments against $111.9 billion of debt, net debt of $109.8 billion. Its current ratio was 0.03. In the latest quarter (ended June 30, 2026) total assets were $143.7 billion and equity $16.9 billion.
Related: NLY income statement, NLY cash flow statement, NLY key metrics. See the NLY stock overview for the latest quote and news.
NLY balance sheet FAQ
What are Annaly Capital Management's total assets?
Annaly Capital Management reported total assets of $135.6 billion at the end of fiscal 2025 (December 31, 2025), compared with $103.6 billion a year earlier.
How much debt does Annaly Capital Management have?
Annaly Capital Management had $111.9 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 6.95.
How much cash does Annaly Capital Management have?
Annaly Capital Management held $2.0 billion in cash and short-term investments at the end of fiscal 2025; with $111.9 billion of debt that is net debt of $109.8 billion.
What is Annaly Capital Management's book value?
Annaly Capital Management's shareholders' equity (book value) was $16.1 billion at the end of fiscal 2025, or $25.10 per share.
What is Annaly Capital Management's current ratio?
Annaly Capital Management had current assets of $3.0 billion and current liabilities of $84.8 billion, a current ratio of 0.03 (current liabilities exceed current assets).
How much goodwill does Annaly Capital Management have?
Annaly Capital Management carried $13.5 million of goodwill and intangible assets, 0.0% of total assets, at the end of fiscal 2025.