NLY — what changed in the latest 10-Q
A section-by-section comparison of NLY's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-10-28 vs the prior 10-Q · 2026-07-29
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +52 | −53 | ~58 | 336 |
| Market risk (Item 3) | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Controls & procedures | Text added/removed | 0 | 0 | ~1 | 1 |
| Legal proceedings | Text added/removed | 0 | 0 | ~1 | 0 |
| Risk factors | No material changes reported (points to the 10-K) | — | — | — | — |
| Other information | Text added/removed | 0 | 0 | ~1 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-10-28
The third quarter of 2026 (“Q3 2026”) was characterized by continued strong U.S. economic growth, supported by consumer spending and investment related to artificial intelligence (“AI”). Inflation remained firm, driven by the geopolitical turmoil induced rise in energy prices and their spillover int…
In this environment, Annaly generated a portfolio economic return of -7.6% in Q3 2026, with earnings available for distribution (“EAD”) of $0.80 per share, once again exceeding the quarterly common stock dividend. Economic leverage ended the quarter at 5.9x, somewhat higher than at the end of the se…
With regards to our Agency MBS portfolio, conservative leverage, limited interest rate risk exposure, active hedging, and ample liquidity helped us manage the portfolio opportunistically despite the challenging market environment. Our Agency portfolio decreased modestly to $91.8 billion (including T…
As interest rates moved higher during the quarter, the duration of our assets extended, and we diligently added hedges — primarily in Treasury futures — to manage our interest rate exposure. Some of our existing swaps also matured during Q3 2026, leaving the portfolio with a balanced hedge mix betwe…
Our Residential Credit portfolio ended the quarter at $10.4 billion in market value, roughly unchanged quarter-over-quarter, and represented 23% of firm capital. “AAA” Non-QM spreads ended Q3 2026 approximately 10 bps wider and widened another 10 bps after quarter-end. The private-label market remai…
Text removed vs the prior filing · source: 10-Q · 2026-07-29
The second quarter of 2026 (“Q2 2026”) was characterized by continued robust U.S. economic growth, supported by consumer spending and technology-related investment, with labor market momentum improving relative to the softer trends experienced in the second half of 2025. Inflation remained elevated,…
In this environment, Annaly generated a portfolio economic return of 5.5% in Q2 2026, with earnings available for distribution (“EAD”) of $0.79 per share, once again exceeding the quarterly common stock dividend, which was increased to $0.75 per share. This marked the ninth consecutive quarter in wh…
Agency mortgage-backed security (“MBS”) spreads tightened during the quarter, aided by a de-escalation of tensions in the Middle East that reduced implied volatility across financial markets. Agency MBS technicals remained favorable, with fixed income fund inflows through the first half of 2026 (“1H…
During the quarter, we shifted our portfolio exposure up in coupon, reducing approximately $4 billion of 4.5% coupon holdings in favor of 5.5% and 6.0% coupons, while new capital was invested primarily in production coupons and Agency commercial mortgage-backed securities (“CMBS”). Our Agency portfo…
Our Residential Credit portfolio ended the quarter at $10.4 billion in market value (on an economic basis), an increase of $35 million quarter-over-quarter, and represented approximately 22% of firm capital. Residential credit spreads moved in line with broader credit markets, with “AAA”-rated sprea…
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice