Annaly Capital Management (NYSE:NLY) reported fourth-quarter 2025 results that management said benefited from a constructive fixed income backdrop, lower volatility, and supportive technical factors across mortgage markets. Annaly remained active in capital markets, raising $560 million of common equity through its ATM program in the fourth quarter. Management said the capital supported 30% portfolio growth during the year, with each strategy showing double-digit growth. In response to dividend questions, management said the balance sheet positioning was supportive, noting the company out-earned the dividend in Q4 and expects to out-earn in Q1, adding that it “feel[s] like the dividend’s safe here.”About Annaly Capital Management (NYSE:NLY)Annaly Capital Management, Inc is a publicly traded real estate investment trust (REIT) that specializes in generating income through investment in mortgage-related assets. Annaly seeks to profit from the spread between the interest earned on its mortgage investments and its cost of funds, as well as from capital gains realized through active portfolio management.