# ANNALY CAPITAL MANAGEMENT INC (NLY) MD&A by fiscal year

Verbatim Item 7 Management's Discussion and Analysis sections from ANNALY CAPITAL MANAGEMENT INC's 10-K filings, one page per fiscal year. Extracted from SEC filings with the same bounded parser for every year. Filer text, not grepcent analysis or investment advice.

- [FY 2025 MD&A](/company/NLY/mda/fy2025/): filed 2026-02-12; accession 0001043219-26-000013 (https://www.sec.gov/Archives/edgar/data/1043219/000104321926000013/nly-20251231.htm); latest 10-K
- [FY 2024 MD&A](/company/NLY/mda/fy2024/): filed 2025-02-13; accession 0001628280-25-005451 (https://www.sec.gov/Archives/edgar/data/1043219/000162828025005451/nly-20241231.htm)
- [FY 2023 MD&A](/company/NLY/mda/fy2023/): filed 2024-02-15; accession 0001628280-24-005115 (https://www.sec.gov/Archives/edgar/data/1043219/000162828024005115/nly-20231231.htm)
- [FY 2022 MD&A](/company/NLY/mda/fy2022/): filed 2023-02-16; accession 0001628280-23-003895 (https://www.sec.gov/Archives/edgar/data/1043219/000162828023003895/nly-20221231.htm)
- [FY 2021 MD&A](/company/NLY/mda/fy2021/): filed 2022-02-18; accession 0001628280-22-003099 (https://www.sec.gov/Archives/edgar/data/1043219/000162828022003099/nly-20211231.htm)

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