Annaly Capital Management, Inc.

NLY

Real Estate · REIT - Mortgage · Stock · quarterly payer

$18.26

Undervalued · +166% Add to Portfolio

Forward Yield

16.43%

Annual Dividend

$3.00

Payout Ratio

70%

5-Yr Growth

-5.1%

Ex-Date

Sep 30, 2026

Frequency

Quarterly

Key facts about NLY's dividend

Data as of Oct 27, 2026 · Source: SmarterDividends data

As of Oct 27, 2026, Annaly Capital Management, Inc. (NLY) has a forward dividend yield of 16.43%, based on an annual dividend of $3.00 per share and a share price of $18.26.
As of Oct 27, 2026, NLY's dividend safety grade from SmarterDividends is C (55 out of 100), which rates the dividend as borderline.
NLY last cut its regular dividend in 2023.
NLY's most recent ex-dividend date was Sep 30, 2026, for a dividend of $0.75 per share.
As of Oct 27, 2026, NLY pays out 70% of its trailing 12-month earnings as dividends (its payout ratio).
NLY's dividend has shrunk at an average rate of 5.1% a year over the past five years.
As of Oct 27, 2026, NLY's 16.43% yield is 27% above its five-year average yield of 12.98%.
As of Oct 27, 2026, SmarterDividends' blended fair-value estimate for NLY is $48.61 per share, 166% above the $18.26 share price, so NLY screens as undervalued.
Annaly Capital Management, Inc. (NLY) pays its dividend quarterly, 4 times a year.
Annaly Capital Management, Inc. (NLY) has raised its regular dividend 33 times and cut it 27 times across the 118 payments on record since 1997. Its most recent change was a 7.1% increase to $0.750 per share, going ex-dividend on Jun 30, 2026. The last cut went ex-dividend on Mar 30, 2023.

Cite this page

SmarterDividends, "NLY Dividend: Yield, Safety Grade & Next Ex-Date," updated Oct 27, 2026, https://smarterdividends.com/stocks/NLY

Summary

As of Oct 27, 2026, Annaly Capital Management, Inc. (NLY) yields 16.43% ($3.00 a year per share) and has a dividend safety grade of C (55/100).

Is NLY a good dividend stock?

Mixed

Annaly Capital Management, Inc. (NLY) pays a quarterly dividend yielding 16.43% ($3.00/yr), with 1 year of growth and a dividend-safety grade of C. The picture is mixed — the dividend pays, but safety or growth signals are weaker than ideal.

Advantages

Risks

Cut its dividend in 2023
Dividend has been shrinking, not growing
Very high yield can signal elevated risk
Share price is down over the past 5 years

Key Data

Dividend Yield: 16.43%
Payout Ratio: 70%
Annual Dividend: $3.00
5-Yr Avg Growth: -5.1%
Ex-Dividend Date: Sep 30, 2026
Years of Growth: 1
Frequency: quarterly
Beta: 1.28
Market Cap: $13.8B
P/E Ratio: 12.8
5-Yr Total Return: -43%
52-Week Range: $17.70 – $24.52
Dividend Safety: C · 55/100
Ever Cut?: Yes (2023)

NLY dividend raises and cuts

Annaly Capital Management, Inc. (NLY) has raised its regular dividend 33 times and cut it 27 times across the 118 payments on record since 1997. Its most recent change was a 7.1% increase to $0.750 per share, going ex-dividend on Jun 30, 2026. The last cut went ex-dividend on Mar 30, 2023.

Ex-date	Change	Old → new	Move
Jun 30, 2026	Raise	$0.700 → $0.750	+7.1%
Mar 31, 2025	Raise	$0.650 → $0.700	+7.7%
Mar 30, 2023	Cut	$0.880 → $0.650	−26.1%
Jun 29, 2020	Cut	$1.00 → $0.880	−12.0%
Jun 27, 2019	Cut	$1.20 → $1.00	−16.7%
Dec 28, 2018	Raise	$0.888 → $1.20	+35.1%
Sep 5, 2018	Cut	$1.20 → $0.888	−26.0%
Dec 28, 2016	Raise	$1.06 → $1.20	+13.6%
Sep 28, 2016	Raise	$0.144 → $1.06	+633.3%
Jul 7, 2016	Cut	$1.20 → $0.144	−88.0%
Dec 27, 2013	Cut	$1.40 → $1.20	−14.3%
Sep 27, 2013	Cut	$1.60 → $1.40	−12.5%

Show all 60 changes since 1998

Ex-date	Change	Old → new	Move
Jun 27, 2013	Cut	$1.80 → $1.60	−11.1%
Dec 26, 2012	Cut	$2.00 → $1.80	−10.0%
Sep 27, 2012	Cut	$2.20 → $2.00	−9.1%
Mar 28, 2012	Cut	$2.28 → $2.20	−3.5%
Dec 27, 2011	Cut	$2.40 → $2.28	−5.0%
Sep 28, 2011	Cut	$2.60 → $2.40	−7.7%
Jun 28, 2011	Raise	$2.48 → $2.60	+4.8%
Mar 29, 2011	Cut	$2.56 → $2.48	−3.1%
Dec 23, 2010	Cut	$2.72 → $2.56	−5.9%
Jun 25, 2010	Raise	$2.60 → $2.72	+4.6%
Mar 30, 2010	Cut	$3.00 → $2.60	−13.3%
Dec 24, 2009	Raise	$2.76 → $3.00	+8.7%
Sep 29, 2009	Raise	$2.40 → $2.76	+15.0%
Jun 25, 2009	Raise	$2.00 → $2.40	+20.0%
Dec 26, 2008	Cut	$2.20 → $2.00	−9.1%
Jun 25, 2008	Raise	$1.92 → $2.20	+14.6%
Mar 26, 2008	Raise	$1.36 → $1.92	+41.2%
Dec 27, 2007	Raise	$1.04 → $1.36	+30.8%
Sep 27, 2007	Raise	$0.960 → $1.04	+8.3%
Jun 28, 2007	Raise	$0.800 → $0.960	+20.0%
Mar 29, 2007	Raise	$0.760 → $0.800	+5.3%
Dec 27, 2006	Raise	$0.560 → $0.760	+35.7%
Sep 27, 2006	Raise	$0.520 → $0.560	+7.7%
Jun 28, 2006	Raise	$0.440 → $0.520	+18.2%
Mar 29, 2006	Raise	$0.400 → $0.440	+10.0%
Dec 28, 2005	Cut	$0.520 → $0.400	−23.1%
Sep 26, 2005	Cut	$1.44 → $0.520	−63.9%
Jun 28, 2005	Cut	$1.80 → $1.44	−20.0%
Mar 30, 2005	Cut	$2.00 → $1.80	−10.0%
Sep 28, 2004	Raise	$1.92 → $2.00	+4.2%
Jun 30, 2004	Cut	$2.00 → $1.92	−4.0%
Mar 29, 2004	Raise	$1.88 → $2.00	+6.4%
Dec 24, 2003	Raise	$1.12 → $1.88	+67.9%
Oct 1, 2003	Cut	$2.40 → $1.12	−53.3%
Mar 27, 2003	Cut	$2.72 → $2.40	−11.8%
Jul 1, 2002	Raise	$2.52 → $2.72	+7.9%
Apr 3, 2002	Raise	$2.40 → $2.52	+5.0%
Dec 27, 2001	Raise	$1.80 → $2.40	+33.3%
Oct 3, 2001	Raise	$1.60 → $1.80	+12.5%
Jul 2, 2001	Raise	$1.20 → $1.60	+33.3%
Apr 3, 2001	Raise	$1.00 → $1.20	+20.0%
Oct 5, 2000	Cut	$1.20 → $1.00	−16.7%
Jun 29, 2000	Cut	$1.40 → $1.20	−14.3%
Jul 7, 1999	Raise	$1.32 → $1.40	+6.1%
Mar 30, 1999	Raise	$1.22 → $1.32	+8.2%
Dec 29, 1998	Raise	$1.08 → $1.22	+13.0%
Oct 1, 1998	Cut	$1.28 → $1.08	−15.6%
Mar 27, 1998	Raise	$0.880 → $1.28	+45.5%

Every NLY payment →Download every raise and cut (CSV)

NLY ex-dividend date & scheduleNext ex-date Sep 30, 2026 · full ex-dividend historyView →NLY dividend historyEvery payment, totals by year, raises and cutsView →

Frequently Asked Questions

Is NLY a good dividend stock?

Mixed. Annaly Capital Management, Inc. (NLY) pays a quarterly dividend yielding 16.43% ($3.00/yr), with 1 year of growth and a dividend-safety grade of C. The picture is mixed — the dividend pays, but safety or growth signals are weaker than ideal.

Is NLY undervalued?

Based on a blend of discounted cash flow, a dividend-discount model and an earnings-multiple estimate, NLY's fair value is about $48.61 versus a $18.26 share price — so it looks undervalued (+166% vs. fair value).

Is NLY's dividend safe?

NLY has a dividend-safety grade of C (55/100), based on its payout coverage, free-cash-flow, 1-year growth streak, a dividend cut in 2023, debt and yield-versus-history.

What is NLY's fair value?

Our blended fair-value estimate for NLY is about $48.61 per share, roughly 166% above the current $18.26 price — combining a discounted cash flow, a dividend-discount model and an earnings multiple.

Is NLY a buy, hold, or sell?

We don't issue formal ratings, but on the data NLY screens as "mixed" and undervalued. Annaly Capital Management, Inc. (NLY) pays a quarterly dividend yielding 16.43% ($3.00/yr), with 1 year of growth and a dividend-safety grade of C. The picture is mixed — the dividend pays, but safety or growth signals are weaker than ideal. This is research for your own analysis, not investment advice.

Will NLY cut its dividend?

NLY earns a dividend-safety grade of C (55/100), and has cut its dividend before (last in 2023). A higher score means lower cut risk based on payout coverage, cash flow and history — but no score guarantees a dividend.

Does NLY pay a dividend?

Yes. Annaly Capital Management, Inc. pays a quarterly dividend of about $3.00 per share annually, a forward yield of roughly 16.43%.

What is NLY's dividend yield?

As of Oct 27, 2026, NLY's forward dividend yield is 16.43%, based on a $3.00 annual dividend and a $18.26 share price.

What is NLY's dividend per share?

As of Oct 27, 2026, NLY pays $3.00 per share per year, distributed on a quarterly basis.

What is NLY's dividend payout ratio?

As of Oct 27, 2026, NLY's payout ratio is 70% of trailing 12-month earnings — a moderate level that's generally sustainable.

How many years has NLY grown its dividend?

As of Oct 27, 2026, NLY has increased its dividend for 1 consecutive years.

When is the next NLY ex-dividend date?

As of Oct 27, 2026, NLY's next ex-dividend date hasn't been announced. The most recent was Sep 30, 2026, for $0.75 per share.

Dividend Growth

Total dividends per share by year

Dividend History

Full NLY dividend history →

Ex-Date	Pay Date	Amount	Type
Sep 30, 2026	Oct 30, 2026	$0.7500	regular
Jun 30, 2026	Jul 31, 2026	$0.7500	regular
Mar 31, 2026	Apr 30, 2026	$0.7000	regular
Dec 31, 2025	Jan 30, 2026	$0.7000	regular
Sep 30, 2025	Oct 31, 2025	$0.7000	regular
Jun 30, 2025	Jul 31, 2025	$0.7000	regular
Mar 31, 2025	Apr 30, 2025	$0.7000	regular
Dec 31, 2024	Jan 31, 2025	$0.6500	regular
Sep 30, 2024	Oct 31, 2024	$0.6500	regular
Jun 28, 2024	Jul 31, 2024	$0.6500	regular
Mar 27, 2024	Apr 30, 2024	$0.6500	regular
Dec 28, 2023	Jan 31, 2024	$0.6500	regular
Sep 28, 2023	Oct 31, 2023	$0.6500	regular
Jun 29, 2023	Jul 31, 2023	$0.6500	regular

NLY Dividend News

IncreaseNLY·Jul 1, 2026

Annaly Raises Quarterly Dividend 7.1% to $0.75

Annaly raised its quarterly payout to $0.75 a share, lifting the forward yield to 14.26%, as portfolio earnings continued to cover the dividend in 2026.