Annaly Capital Management reported first-quarter 2026 results reflecting stable net interest margins and ongoing exposure to Agency mortgage-backed securities (MBS). The company reaffirmed its approach of leveraging government-sponsored entity guarantees to mitigate credit risk while cautiously expanding in non-Agency and credit risk transfer assets. Regulatory compliance and interest rate fluctuations remain critical risks, but Annaly’s scale and expertise position it well within a challenging environment. The path forward depends on navigating cyclical interest rate dynamics and maintaining disciplined asset allocation.