NLY Annaly Capital Management Inc. Common Stock
$23.84
Price · Aug 19, 2026
Fundamentals as of Jul 29, 2026
52W Range
$20–$25
85% of range
Analyst Rating
BUY
17 analysts
Price Target
$24
+2% upside
P/E (TTM)
8.2
ROE
14.1%
Net Profit Margin
178.5%
About Annaly Capital Management Inc. Common Stock Company overview from Wikipedia
Annaly Capital Management, Inc. is one of the largest mortgage real estate investment trusts. It is organized in Maryland with its principal office in New York City.
Read more
Annaly Capital Management, Inc. is one of the largest mortgage real estate investment trusts. It is organized in Maryland with its principal office in New York City.
The company borrows money, primarily via short term repurchase agreements, and reinvests the proceeds in asset-backed securities. As of December 31, 2023, 88% of the company's assets were mortgage-backed securities issued by either Fannie Mae or Freddie Mac. The company generates profits from the net interest spread between the interest earned from its assets and its borrowing costs, which is amplified from the use of leverage. As of December 31, 2019, the company had a GAAP leverage ratio of 6.8:1.
As of December 31, 2023, the weighted average days to maturity of its repurchase agreements was 44 days.
The company is ranked 857th on the Fortune 1000.
The company is named after Annaly, Ireland, which was ruled by the ancestors of the company's founder.
## History
Annaly Capital Management was founded in 1997 by Michael A.J. Farrell (1951-2012) and Wellington Denahan. Mike Farrell spent 26 years working for investment banks including E.F. Hutton & Co., Morgan Stanley, and Merrill Lynch.
In 2004, the company acquired Fixed Income Discount Advisory, an investment adviser, for $40.5 million in stock.
In October 2012, co-founder Wellington Denahan became CEO after Michael Farrell was diagnosed with cancer; Farrell died that month.
In 2013, the company acquired CreXus Investment for $996 million.
Effective September 30, 2015, Kevin Keyes was named CEO of the company.
In 2016, the company acquired Hatteras Financial for $1.5 billion in cash and stock.
In 2017, the company sold its Pingora servicing subsidiary.
In March 2020, David L. Finkelstein was named Chief Executive Officer and a member of the Board.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
NLY Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$23.84
Market Cap
$16.85B
P/E (TTM)
8.2
EPS (TTM)
$2.92
Revenue (TTM)
—
Div Yield
11.2%
ROE
14.1%
Debt/Equity
—
52W Range
$20 – $25
NLY Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
Configure
10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
—
EPS
$2.92
2023-12-31
→
2025-12-31
Free Cash Flow
—
Margins
178.5%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
NLY
Peer Median
P/E (TTM)
8.2
10.0
P/S (TTM)
14.8
1.8
P/B
1.0
0.5
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
NLY
Peer Median
Net Profit Margin
178.5%
5.7%
ROA
1.7%
0.29%
ROE
14.1%
0.99%
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
NLY
Peer Median
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
NLY
Peer Median
Revenue YoY
358.2%
—
Revenue CAGR 3Y
-8.2%
—
Revenue CAGR 5Y
-3.1%
—
EPS YoY
80.2%
—
Net Income YoY
102.3%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
NLY
Peer Median
Payout Ratio
92.8%
—
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Dividend Yield
11.2%
Payout Ratio
92.8%
5Y Div CAGR
—
| Ex-date | Amount |
|---|---|
| June 30, 2026 | $0.7500 |
| March 31, 2026 | $0.7000 |
| Dec. 31, 2025 | $0.7000 |
| Sept. 30, 2025 | $0.7000 |
| June 30, 2025 | $0.7000 |
| March 31, 2025 | $0.7000 |
| Dec. 31, 2024 | $0.6500 |
| Sept. 30, 2024 | $0.6500 |
| June 28, 2024 | $0.6500 |
| March 27, 2024 | $0.6500 |
| Dec. 28, 2023 | $0.6500 |
| Sept. 28, 2023 | $0.6500 |
| June 29, 2023 | $0.6500 |
| March 30, 2023 | $0.6500 |
| Dec. 29, 2022 | $0.8800 |
| Sept. 29, 2022 | $0.8800 |
| June 29, 2022 | $0.8800 |
| March 30, 2022 | $0.8800 |
| Dec. 30, 2021 | $0.8800 |
| Sept. 29, 2021 | $0.8800 |
NLY Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
17 analysts
- Strong Buy 4 23.5%
- Buy 8 47.1%
- Hold 5 29.4%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
11 analysts · 2026-08-13
Median
$24.00
Mean
$24.23
Now
$23.84
Low
$22.50
High
$25.00
Median target
$24.00
+0.7%
Mean target
$24.23
+1.6%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.01%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $0.79 | $0.76 | 0.04% |
| March 31, 2026 | $0.76 | $0.75 | 0.01% |
| Dec. 31, 2025 | $0.74 | $0.74 | 0.00% |
| Sept. 30, 2025 | $0.73 | $0.73 | 0.00% |
| June 30, 2025 | $0.73 | $0.72 | 0.01% |
| March 31, 2025 | $0.72 | $0.70 | 0.02% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| NLY | $15.81B | 7.7 | 358.2% | 178.5% | 14.1% | — |
| AGNC | — | — | — | — | — | — |
| STWD | $6.67B | 15.7 | -5.3% | 22.3% | 6.2% | — |
| RITM | $6.06B | 10.5 | -6.7% | 15.2% | 8.6% | — |
| DX | $2.45B | 5.7 | 1845.8% | 279.0% | 15.7% | — |
| BXMT | $3.22B | 29.9 | 10.9% | 19.8% | 3.0% | — |
| ARR | $1.98B | 5.4 | 490.8% | 203.8% | 16.5% | — |
| EFC | $1.54B | 11.4 | 10.1% | 35.3% | 7.0% | — |
| ORC | $1.31B | — | 1944.3% | 146.9% | 13.9% | — |
| LADR | $1.40B | 21.5 | -32.9% | 69.2% | 4.2% | — |
| TWO | — | -2.2 | — | — | — | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 11
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SG&A Expense | $200M | $171M | $163M | $163M | $186M | $222M | $272M | $330M | $224M | $250M | $200M | $209M | |
| Interest Expense | $4.82B | $4.59B | $3.84B | $1.31B | $249M | $899M | $2.78B | $1.90B | $1.01B | $658M | $472M | $513M | |
| Interest Income | $5.96B | $4.84B | $3.73B | $2.78B | $1.98B | $2.23B | $3.79B | $3.33B | $2.49B | $2.21B | $2.17B | $2.63B | |
| Other Non-op | $51M | $95M | $74M | $7M | $1M | $-31M | $107M | $110M | · | · | · | $-2.75B | |
| Pretax Income | $2.04B | $1.03B | $-1.60B | $1.77B | $2.40B | $-918M | $-2.17B | $52M | $1.58B | $1.43B | $464M | $-837M | |
| Income Tax | $-7M | $15M | $39M | $46M | $5M | $-28M | $-11M | $-2M | $7M | $-2M | $-2M | $5M | |
| Net Income | $2.03B | $1.00B | $-1.64B | $1.73B | $2.39B | $-891M | $-2.16B | $54M | $1.57B | $1.43B | $467M | $-842M | |
| EPS (Basic) | $2.92 | $1.62 | $-3.61 | $3.93 | $6.40 | $-2.92 | $-1.60 | $-0.06 | $1.37 | $1.39 | $0.42 | $-0.96 | |
| EPS (Diluted) | $2.92 | $1.62 | $-3.61 | $3.92 | $6.39 | $-2.92 | $-1.60 | $-0.06 | $1.37 | $1.39 | $0.42 | $-0.96 | |
| Shares (Basic) | 639,513,399 | 521,737,554 | 494,541,323 | 411,348,484 | 356,856,520 | 353,664,860 | 1,434,912,682 | 1,209,601,809 | 1,065,923,652 | 969,787,583 | 947,062,099 | 947,539,294 | |
| Shares (Diluted) | 641,042,741 | 522,747,610 | 494,541,323 | 411,621,758 | 357,142,251 | 353,664,860 | 1,434,912,682 | 1,209,601,809 | 1,066,351,616 | 970,102,353 | 947,276,742 | 947,539,294 |
Balance Sheet 13
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | · | · | $1.41B | $1.58B | $1.34B | $1.24B | $1.85B | $1.74B | $707M | $1.54B | $1.77B | $1.74B | |
| Goodwill | · | · | · | · | $0 | $72M | $72M | $72M | $72M | $72M | $72M | $95M | |
| Intangibles | $7M | $9M | $12M | $17M | $24M | $56M | $21M | $29M | $23M | $34M | $39M | $38M | |
| Total Assets | $135.61B | $103.56B | $93.23B | $81.85B | $76.76B | $88.46B | $130.30B | $105.79B | $101.76B | $87.91B | $75.19B | $88.36B | |
| Total Liabilities | $119.45B | $90.86B | $81.88B | $70.48B | $63.57B | $74.43B | $114.50B | $91.67B | $86.89B | $75.33B | $63.28B | $75.02B | |
| Long-term Debt | · | · | · | · | · | $430M | $491M | · | $312M | $315M | $338M | · | |
| Common Stock | $7M | $6M | $5M | $5M | $4M | $14M | $14M | $13M | $12M | $10M | $9M | $9M | |
| Paid-in Capital | $27.93B | $25.26B | $23.67B | $22.98B | $20.32B | $19.75B | $19.97B | $18.79B | $17.22B | $15.58B | $14.68B | $14.79B | |
| Retained Earnings | $-13.16B | $-13.17B | $-12.62B | $-9.54B | $-9.65B | $-10.67B | $-8.31B | $-4.49B | $-2.96B | $-3.14B | $-3.32B | $-2.59B | |
| AOCI | $-489M | $-1.02B | $-1.34B | $-3.71B | $958M | $3.37B | $2.14B | $-1.98B | $-1.13B | $-1.09B | $-378M | $205M | |
| Stockholders' Equity | $16.09B | $12.61B | $11.26B | $11.27B | $13.17B | $14.01B | $15.79B | $14.11B | $14.87B | $12.57B | $11.90B | $13.33B | |
| Liabilities + Equity | $135.61B | $103.56B | $93.23B | $81.85B | $76.76B | $88.46B | $130.30B | $105.79B | $101.76B | $87.91B | $75.19B | $88.36B | |
| Shares Outstanding | 706,972,452 | 578,357,118 | 500,080,287 | 468,309,810 | 364,934,065 | 1,398,240,618 | 1,430,106,199 | 1,313,763,450 | 1,159,585,078 | 1,018,913,249 | 935,929,561 | 947,643,079 |
Cash Flow 13
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Deferred Tax | $-7M | $14M | $39M | $45M | · | · | · | · | · | · | · | · | |
| Amort. of Intangibles | $3M | $3M | $3M | $3M | $7M | $10M | $8M | $9M | $9M | $13M | $7M | $1M | |
| Operating Cash Flow | $693M | $3.31B | $2.37B | $5.37B | $3.08B | $528M | $-1.20B | $2.62B | $1.63B | $1.58B | $-3.64B | $6.13B | |
| Investing Cash Flow | $-27.36B | $-14.98B | $-8.42B | $-14.53B | $4.90B | $40.35B | $-20.64B | $-908M | $-14.67B | $-2.06B | $12.15B | · | |
| Debt Issued | · | · | · | · | · | · | · | · | $0 | $0 | $192M | $127M | |
| Net Debt Issued | · | · | · | · | · | · | · | · | $0 | · | $192M | · | |
| Stock Issued | $2.91B | $1.56B | $674M | $2.64B | $552M | $1M | $1.83B | $1.53B | $2.35B | $2M | $0 | · | |
| Stock Repurchased | · | · | · | $0 | $0 | $209M | $224M | $0 | $0 | $103M | $114M | · | |
| Net Stock Activity | $2.91B | $1.56B | $674M | $2.64B | $552M | $-208M | $1.61B | $1.53B | $1.65B | $-103M | $-114M | · | |
| Dividends Paid | $1.88B | $1.49B | $1.52B | $1.52B | $1.36B | $1.48B | $1.69B | $1.54B | $1.35B | $1.22B | $1.21B | $1.21B | |
| Financing Cash Flow | $27.22B | $11.75B | $5.88B | $9.39B | $-7.88B | $-41.49B | $21.96B | $-684M | $12.20B | $252M | $-8.47B | · | |
| Net Change in Cash | $550M | $76M | $-165M | $235M | $98M | $-607M | $115M | $1.03B | $-833M | $-230M | $28M | $1.19B | |
| Taxes Paid | $700.0K | $-2M | $1M | $-492.0K | $-4M | $2M | $2M | $-295.0K | $-2M | $934.0K | $2M | $8M |
Profitability 4
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Margin | 178.5% | 404.3% | 1475.2% | 117.4% | 137.8% | -67.0% | -215.8% | 3.8% | 105.7% | 92.3% | 27.5% | -39.7% | |
| Pretax Margin | 180.1% | 414.5% | 1435.6% | 120.6% | 138.5% | -69.0% | -216.9% | 3.6% | 106.1% | 92.1% | 27.3% | -39.5% | |
| ROA | 1.7% | 0.98% | -1.8% | 2.2% | 2.9% | -0.81% | -1.8% | 0.05% | 1.7% | 1.8% | 0.57% | -0.99% | |
| ROE | 14.1% | 8.4% | -14.6% | 14.1% | 17.6% | -6.0% | -14.5% | 0.38% | 11.4% | 11.7% | 3.7% | -6.5% |
Efficiency 1
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.0 | -0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Growth Rates 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 358.2% | · | · | -15.3% | 30.3% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | -8.2% | -47.7% | · | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | -3.1% | · | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | 80.2% | · | · | -38.6% | · | · | · | · | · | · | · | · | |
| EPS CAGR 3Y | -9.3% | -36.7% | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | 102.3% | · | · | -27.8% | · | · | · | · | · | · | · | · | |
| Net Income CAGR 3Y | 5.5% | -25.2% | · | · | · | · | · | · | · | · | · | · | |
| Dividend CAGR 5Y | 5.0% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 12
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $1.14B | $248M | $-111M | $1.47B | $1.73B | $1.33B | $1.00B | $1.43B | $1.48B | $1.55B | $1.70B | $2.12B | |
| Net Income TTM | $2.03B | $1.00B | $-1.64B | $1.73B | $2.39B | $-891M | $-2.16B | $54M | $1.57B | $1.43B | $467M | $-842M | |
| Market Cap | $15.81B | $10.58B | $9.69B | $9.87B | $45.66B | $47.26B | $53.89B | $51.60B | $55.15B | $40.63B | $35.12B | $40.98B | |
| P/E | 7.7 | 11.3 | -5.4 | 5.4 | 4.9 | -11.6 | -23.6 | -654.7 | 34.7 | 28.7 | 89.3 | -45.0 | |
| P/S | 13.9 | 42.7 | -87.0 | 6.7 | 26.3 | 35.5 | 53.8 | 36.0 | 37.1 | 26.2 | 20.7 | 19.3 | |
| P/B | 1.0 | 0.8 | 0.9 | 0.9 | 3.5 | 3.4 | 3.4 | 3.7 | 3.7 | 3.2 | 3.0 | 3.1 | |
| P / Tangible Book | 1.0 | 0.8 | 0.9 | 0.9 | 3.5 | 3.4 | · | · | · | · | · | · | |
| P / Cash Flow | 22.8 | 3.2 | 4.1 | 1.8 | 14.8 | 89.5 | -44.9 | 19.7 | 8.0 | 5.9 | -11.1 | 6.7 | |
| Dividend Yield | 11.9% | 14.1% | 15.7% | 15.4% | 3.0% | 3.1% | 3.1% | 3.0% | 2.5% | 3.0% | 3.4% | 2.9% | |
| Earnings Yield | 13.1% | 8.8% | -18.6% | 18.6% | 20.4% | -8.6% | -4.2% | -0.15% | 2.9% | 3.5% | 1.1% | -2.2% | |
| Payout Ratio | 92.8% | 149.1% | -92.4% | 88.1% | 56.9% | -165.6% | -78.1% | 2832.1% | 86.2% | 85.2% | 259.2% | -143.6% | |
| Annual Payout | $1.88B | $1.49B | $1.52B | $1.52B | $1.36B | $1.48B | $1.69B | $1.54B | $1.35B | $1.22B | $1.21B | $1.21B |
Income Statement 11
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SG&A Expense | $58M | $53M | $51M | $50M | $50M | $48M | $44M | $44M | $45M | $39M | $39M | $40M | $43M | $41M | $43M | $38M | |
| Interest Expense | $1.32B | $1.27B | $1.32B | $1.26B | $1.15B | $1.10B | $1.15B | $1.22B | $1.12B | $1.10B | $1.04B | $1.05B | $953M | $799M | $664M | $400M | |
| Interest Income | $1.81B | $1.72B | $1.69B | $1.53B | $1.42B | $1.32B | $1.34B | $1.23B | $1.18B | $1.09B | $990M | $1.00B | $921M | $818M | $799M | $678M | |
| Other Non-op | $14M | $9M | $14M | $14M | $16M | $7M | $19M | $27M | $25M | $23M | $23M | $26M | $9M | $15M | $8M | $2M | |
| Pretax Income | $835M | $289M | $1.01B | $835M | $61M | $139M | $483M | $76M | $3M | $464M | $-390M | $-557M | $175M | $-828M | $-887M | $-278M | |
| Income Tax | $7M | $-2M | $-8M | $-8M | $440.0K | $8M | $10M | $-6M | $12M | $-943.0K | $2M | $12M | $14M | $11M | $-86.0K | $-4M | |
| Net Income | $823M | $283M | $1.01B | $832M | $57M | $124M | $482M | $66M | $-9M | $463M | $-404M | $-562M | $167M | $-844M | $-888M | $-275M | |
| EPS (Basic) | $1.06 | $0.33 | $1.53 | $1.21 | $0.03 | $0.15 | $0.81 | $0.05 | $-0.09 | $0.85 | $-0.88 | $-1.21 | $0.27 | $-1.79 | $-3.04 | $-0.70 | |
| EPS (Diluted) | $1.06 | $0.33 | $1.54 | $1.20 | $0.03 | $0.15 | $0.81 | $0.05 | $-0.09 | $0.85 | $-0.88 | $-1.21 | $0.27 | $-1.79 | $-3.04 | $-0.70 | |
| Shares (Basic) | 738,926,270 | 722,707,153 | -1,224,180,991 | 656,335,974 | 620,208,712 | 587,149,704 | -995,555,507 | 515,729,658 | 500,950,563 | 500,612,840 | -983,642,658 | 494,330,361 | 494,165,256 | 489,688,364 | -764,460,493 | 429,858,876 | |
| Shares (Diluted) | 740,256,247 | 724,364,897 | -1,226,337,902 | 657,856,427 | 621,103,218 | 588,420,998 | -996,217,148 | 516,832,152 | 500,950,563 | 501,182,043 | -983,836,384 | 494,330,361 | 494,358,982 | 489,688,364 | -764,748,859 | 429,858,876 |
Balance Sheet 10
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Intangibles | $5M | $6M | $7M | $7M | $8M | $9M | $9M | $10M | $11M | $11M | · | $13M | $15M | $16M | · | $17M | |
| Total Assets | $143.74B | $138.54B | $135.61B | $125.86B | $112.14B | $105.12B | $103.56B | $101.52B | $93.67B | $91.48B | $93.23B | $89.65B | $89.33B | $86.83B | $81.85B | $85.41B | |
| Total Liabilities | $126.76B | $122.21B | $119.45B | $110.86B | $98.67B | $92.03B | $90.86B | $88.98B | $82.41B | $79.99B | · | $78.97B | $77.44B | $74.92B | · | $74.46B | |
| Common Stock | $8M | $7M | $7M | $7M | $6M | $6M | $6M | $6M | $5M | $5M | · | $5M | $5M | $5M | · | $5M | |
| Paid-in Capital | $28.89B | $28.43B | $27.93B | $27.35B | $26.52B | $25.75B | $25.26B | $24.85B | $23.69B | $23.67B | · | $23.57B | $23.55B | $23.54B | · | $22.97B | |
| Retained Earnings | $-13.21B | $-13.43B | $-13.16B | $-13.63B | $-13.94B | $-13.51B | $-13.17B | $-13.24B | $-12.90B | $-12.52B | · | $-11.86B | $-10.93B | $-10.74B | · | $-8.21B | |
| AOCI | $-557M | $-534M | $-489M | $-624M | $-740M | $-787M | $-1.02B | $-712M | $-1.16B | $-1.28B | · | $-2.69B | $-2.38B | $-2.55B | · | $-5.43B | |
| Stockholders' Equity | $16.93B | $16.27B | $16.09B | $14.91B | $13.38B | $12.99B | $12.61B | $12.44B | $11.18B | $11.41B | · | $10.56B | $11.78B | $11.79B | · | $10.87B | |
| Liabilities + Equity | $143.74B | $138.54B | $135.61B | $125.86B | $112.14B | $105.12B | $103.56B | $101.52B | $93.67B | $91.48B | · | $89.65B | $89.33B | $86.83B | · | $85.41B | |
| Shares Outstanding | 750,574,308 | 730,290,500 | 706,972,452 | 681,052,317 | 642,076,127 | 602,338,286 | 578,357,118 | 558,047,743 | 501,018,415 | 500,440,023 | · | 494,814,038 | 493,893,288 | 493,880,938 | · | 467,911,144 |
Cash Flow 10
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Deferred Tax | $8M | $-3M | $-8M | $-8M | $440.0K | $8M | $9M | $-6M | $12M | $-943.0K | · | · | · | · | · | · | |
| Amort. of Intangibles | $673.0K | $673.0K | $672.0K | $673.0K | $672.0K | $673.0K | · | $673.0K | $672.0K | $673.0K | · | $759.0K | $758.0K | $758.0K | · | $758.0K | |
| Operating Cash Flow | $1.62B | $-1.40B | $644M | $24M | $181M | $-156M | $2.81B | $-1.67B | $477M | $1.70B | $379M | $1.87B | $1.14B | $-1.02B | $202M | $2.45B | |
| Investing Cash Flow | $-6.22B | $-4.40B | $-9.89B | $-11.82B | $-7.31B | $1.66B | $-6.25B | $-4.43B | $-4.14B | $-167M | $1.20B | $-5.37B | $-3.17B | $-1.08B | $-5.53B | $-6.94B | |
| Stock Issued | $447M | $508M | $565M | $1.09B | $761M | $496M | $398M | $1.15B | $11M | $-48.0K | $94M | $18M | $-118.0K | $563M | $9M | $1.67B | |
| Net Stock Activity | · | $508M | · | · | · | $496M | · | · | · | $-48.0K | · | · | · | $563M | · | · | |
| Dividends Paid | $552M | $536M | $523M | $487M | $459M | $413M | $402M | $367M | $363M | $362M | $359M | $358M | $357M | $444M | $442M | $381M | |
| Financing Cash Flow | $5.60B | $5.67B | $9.19B | $11.83B | $7.36B | $-1.16B | $3.37B | $6.07B | $3.58B | $-1.28B | $-1.41B | $3.51B | $1.47B | $2.32B | $5.44B | $5.10B | |
| Net Change in Cash | $1000M | $-125M | $-59M | $38M | $225M | $346M | $-72M | $-27M | $-78M | $253M | $171M | $4M | $-557M | $217M | $111M | $612M | |
| Taxes Paid | $1M | $54.0K | $1M | $-150.0K | $34.0K | $-237.0K | · | $-470.0K | $-421.0K | $-236.0K | · | $2M | $-515.0K | $-139.0K | $2M | $-509.0K |
Profitability 4
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Margin | 168.5% | 62.4% | · | 301.9% | 20.9% | 56.5% | · | 495.8% | -17.7% | -7175.5% | · | 1240.1% | -522.6% | -4337.8% | · | -99.0% | |
| Pretax Margin | 171.0% | 63.8% | · | 302.9% | 22.3% | 63.0% | · | 568.7% | 5.8% | -7196.3% | · | 1228.0% | -549.0% | -4255.7% | · | -100.1% | |
| ROA | 0.64% | 0.23% | · | 0.73% | 0.06% | 0.13% | · | 0.07% | -0.01% | 0.52% | · | -0.64% | 0.20% | -1.0% | · | -0.34% | |
| ROE | 5.4% | 1.9% | · | 6.1% | 0.46% | 1.0% | · | 0.58% | -0.08% | 4.0% | · | -5.2% | 1.5% | -7.3% | · | -2.2% |
Efficiency 1
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | -0.0 | · | -0.0 | -0.0 | 0.0 | · | 0.0 |
Valuation (TTM) 10
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $1.49B | $1.22B | · | $782M | $560M | $280M | · | $15M | $-30M | $-64M | · | $220M | $741M | $1.35B | · | $1.70B | |
| Net Income TTM | $1.99B | $1.30B | · | $1.08B | $238M | $644M | · | $-42M | $58M | $-777M | · | $-1.51B | $-86M | $1.77B | · | $3.13B | |
| Market Cap | $16.78B | $15.45B | · | $13.76B | $12.08B | $12.23B | · | $11.20B | $9.55B | $9.85B | · | $9.31B | $9.88B | $9.44B | · | $8.03B | |
| P/E | 8.5 | 12.4 | · | 14.1 | 134.4 | 21.2 | · | -50.2 | -105.9 | -10.5 | · | -5.5 | -1000.5 | 3.7 | · | 2.1 | |
| P/S | 11.3 | 12.6 | · | 17.6 | 21.6 | 43.6 | · | 738.1 | -316.3 | -153.3 | · | 42.3 | 13.3 | 7.0 | · | 4.7 | |
| P/B | 1.0 | 0.9 | · | 0.9 | 0.9 | 0.9 | · | 0.9 | 0.9 | 0.9 | · | 0.9 | 0.8 | 0.8 | · | 0.7 | |
| P / Tangible Book | 1.0 | 0.9 | · | 0.9 | 0.9 | 0.9 | · | 0.9 | 0.9 | 0.9 | · | 0.9 | 0.8 | 0.8 | · | 0.7 | |
| P / Cash Flow | · | -11.0 | · | · | · | -78.3 | · | · | · | 5.8 | · | · | · | -9.3 | · | · | |
| Earnings Yield | 11.7% | 8.1% | · | 7.1% | 0.74% | 4.7% | · | -2.0% | -0.94% | -9.6% | · | -18.2% | -0.10% | 27.1% | · | 48.5% | |
| Payout Ratio | · | 189.5% | · | · | · | 332.6% | · | · | · | 78.2% | · | · | · | -52.6% | · | · |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | |
|---|---|---|---|---|---|
| Net Income | $2.03B | — | — | $1.00B | — |
| Diluted EPS | $2.92 | — | — | $1.62 | — |
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Institutional owners (13F) 854 filers · $6.8B total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 91 (-23 vs prior Q) | 62 (-8 vs prior Q) | 352 (-8 vs prior Q) | 199 (+19 vs prior Q) | +101.4M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| VANGUARD GROUP INC | $1,309,747,219 | 58,575,457 | 19.18% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $735,653,570 | 32,900,428 | 10.77% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $698,772,293 | 31,250,997 | 10.23% | Shares |
| STATE STREET CORP | $679,468,329 | 29,426,379 | 9.95% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $400,335,825 | 17,926,353 | 5.86% | Shares |
| NORGES BANK | $201,106,779 | 8,994,042 | 2.94% | Shares |
| CITADEL ADVISORS LLC | $150,137,606 | 6,714,562 | 2.20% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $121,357,558 | 5,427,440 | 1.78% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $103,443,979 | 4,626,296 | 1.51% | Shares |
| FMR LLC | $103,021,062 | 4,607,382 | 1.51% | Shares |
| AMERIPRISE FINANCIAL INC | $101,171,945 | 4,522,447 | 1.48% | Shares |
| VAN ECK ASSOCIATES CORP | $68,917,366 | 3,082,172 | 1.01% | Shares |
| Advisors Capital Management, LLC | $66,759,542 | 2,985,668 | 0.98% | Shares |
| Brandywine Global Investment Management, LLC | $61,980,690 | 2,771,945 | 0.91% | Shares |
| PFA Pension, Forsikringsaktieselskab | $61,460,234 | 2,748,669 | 0.90% | Shares |
| FRANKLIN RESOURCES INC | $49,180,663 | 2,199,493 | 0.72% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $48,688,274 | 2,177,472 | 0.71% | Shares |
| RHUMBLINE ADVISERS | $46,024,151 | 2,058,328 | 0.67% | Shares |
| Swiss National Bank | $45,305,832 | 2,026,200 | 0.66% | Shares |
| BlackRock, Inc. | $45,195,105 | 2,021,248 | 0.66% | Shares |
| PRINCIPAL FINANCIAL GROUP INC | $37,377,937 | 1,671,643 | 0.55% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $34,488,671 | 1,630,670 | 0.51% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $33,902,232 | 1,516,200 | 0.50% | Put option |
| Cetera Investment Advisers | $33,064,329 | 1,478,727 | 0.48% | Shares |
| LPL Financial LLC | $32,360,937 | 1,447,269 | 0.47% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $31,516,420 | 1,409,500 | 0.46% | Call option |
| Tredje AP-fonden | $31,126,126 | 1,392,045 | 0.46% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $29,747,061 | 1,330,369 | 0.44% | Shares |
| California Public Employees Retirement System | $28,609,665 | 1,279,502 | 0.42% | Shares |
| ALLIANCEBERNSTEIN L.P. | $28,043,483 | 1,325,933 | 0.41% | Shares |
| GOLDMAN SACHS GROUP INC | $27,970,974 | 1,250,938 | 0.41% | Shares |
| Swedbank AB | $26,368,007 | 1,179,249 | 0.39% | Shares |
| Sumitomo Mitsui Trust Group, Inc. | $24,811,036 | 1,109,617 | 0.36% | Shares |
| BARCLAYS PLC | $24,396,392 | 1,091,073 | 0.36% | Shares |
| Retirement Systems of Alabama | $21,909,401 | 979,848 | 0.32% | Shares |
| Balyasny Asset Management L.P. | $20,114,654 | 899,582 | 0.29% | Shares |
| Mediolanum International Funds Ltd | $19,776,675 | 854,284 | 0.29% | Shares |
| Mitsubishi UFJ Asset Management Co., Ltd. | $19,348,510 | 865,318 | 0.28% | Shares |
| OSAIC HOLDINGS, INC. | $18,278,416 | 817,302 | 0.27% | Shares |
| BANK OF AMERICA CORP /DE/ | $16,615,224 | 743,078 | 0.24% | Shares |
| IBEX WEALTH ADVISORS | $15,452,759 | 691,089 | 0.23% | Shares |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC | $15,073,834 | 670,590 | 0.22% | Shares |
| Legal & General Group Plc | $14,928,498 | 667,643 | 0.22% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $13,997,315 | 625,998 | 0.20% | Shares |
| Illinois Municipal Retirement Fund | $13,960,824 | 624,366 | 0.20% | Shares |
| Columbus Macro, LLC | $12,778,801 | 571,503 | 0.19% | Shares |
| AVIVA PLC | $12,706,025 | 568,248 | 0.19% | Shares |
| QRG CAPITAL MANAGEMENT, INC. | $12,545,496 | 561,069 | 0.18% | Shares |
| Edgestream Partners, L.P. | $12,508,497 | 559,414 | 0.18% | Shares |
| Zurcher Kantonalbank (Zurich Cantonalbank) | $11,860,012 | 530,412 | 0.17% | Shares |
| TD Asset Management Inc | $11,622,012 | 519,768 | 0.17% | Shares |
| MILLENNIUM MANAGEMENT LLC | $11,510,928 | 514,800 | 0.17% | Put option |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC | $11,264,051 | 503,759 | 0.16% | Shares |
| MILLENNIUM MANAGEMENT LLC | $11,128,818 | 497,711 | 0.16% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $11,027,594 | 493,184 | 0.16% | Shares |
| NORDEA INVESTMENT MANAGEMENT AB | $11,010,064 | 490,426 | 0.16% | Shares |
| Dupree Financial Group, LLC | $10,881,494 | 486,650 | 0.16% | Shares |
| United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund | $10,702,994 | 478,667 | 0.16% | Shares |
| UBS Group AG | $10,339,107 | 462,393 | 0.15% | Shares |
| Apollon Wealth Management, LLC | $10,243,267 | 458,107 | 0.15% | Shares |
| NEUBERGER BERMAN GROUP LLC | $9,970,434 | 445,905 | 0.15% | Shares |
| JANE STREET GROUP, LLC | $9,842,872 | 440,200 | 0.14% | Call option |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. | $9,828,830 | 439,572 | 0.14% | Shares |
| STOREBRAND ASSET MANAGEMENT AS | $9,626,360 | 430,517 | 0.14% | Shares |
| APG Asset Management N.V. | $9,556,558 | 488,641 | 0.14% | Shares |
| COMMONWEALTH EQUITY SERVICES, LLC | $9,547,044 | 426,970 | 0.14% | Shares |
| Pictet Asset Management Holding SA | $9,387,533 | 419,836 | 0.14% | Shares |
| CITADEL ADVISORS LLC | $9,075,924 | 405,900 | 0.13% | Call option |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | $8,966,352 | 423,941 | 0.13% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $8,897,983 | 397,942 | 0.13% | Shares |
| PRUDENTIAL PLC | $8,754,342 | 391,518 | 0.13% | Shares |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM | $8,750,899 | 391,364 | 0.13% | Shares |
| Alberta Investment Management Corp | $8,543,756 | 382,100 | 0.13% | Shares |
| MACKENZIE FINANCIAL CORP | $8,543,309 | 382,080 | 0.13% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $8,197,288 | 366,605 | 0.12% | Shares |
| Quantinno Capital Management LP | $8,146,028 | 364,312 | 0.12% | Shares |
| DNB Asset Management AS | $8,099,843 | 362,247 | 0.12% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $8,068,763 | 360,857 | 0.12% | Shares |
| RAYMOND JAMES FINANCIAL INC | $8,004,968 | 358,004 | 0.12% | Shares |
| Universal- Beteiligungs- und Servicegesellschaft mbH | $7,900,562 | 354,023 | 0.12% | Shares |
| MetLife Investment Management, LLC | $7,889,212 | 352,827 | 0.12% | Shares |
| MERCER GLOBAL ADVISORS INC /ADV | $7,786,595 | 348,238 | 0.11% | Shares |
| PREVAIL INNOVATIVE WEALTH ADVISORS, LLC | $7,673,371 | 343,174 | 0.11% | Shares |
| NORTHERN TRUST CORP | $7,601,640 | 339,966 | 0.11% | Shares |
| Police & Firemen's Retirement System of New Jersey | $7,445,500 | 332,983 | 0.11% | Shares |
| BANK OF MONTREAL /CAN/ | $7,374,440 | 329,805 | 0.11% | Shares |
| D. E. Shaw & Co., Inc. | $7,365,384 | 329,400 | 0.11% | Call option |
| Vanguard Investments Australia, Ltd. | $7,213,023 | 322,586 | 0.11% | Shares |
| SAGE ADVISORS, LLC | $7,167,117 | 320,533 | 0.10% | Shares |
| Mitsubishi UFJ Trust & Banking Corp | $7,092,279 | 317,186 | 0.10% | Shares |
| Wright Wealth LLC | $6,814,188 | 304,749 | 0.10% | Shares |
| Sequoia Financial Advisors, LLC | $6,738,462 | 301,362 | 0.10% | Shares |
| FJARDE AP-FONDEN /FOURTH SWEDISH NATIONAL PENSION FUND | $6,561,564 | 293,451 | 0.10% | Shares |
| Advisors Asset Management, Inc. | $6,429,376 | 351,332 | 0.09% | Shares |
| KLP KAPITALFORVALTNING AS | $6,321,644 | 274,884 | 0.09% | Shares |
| Vanguard Global Advisers, LLC | $6,204,520 | 277,483 | 0.09% | Shares |
| MUTUAL OF AMERICA CAPITAL MANAGEMENT LLC | $6,082,703 | 272,035 | 0.09% | Shares |
| CIBC WORLD MARKET INC. | $5,994,269 | 268,080 | 0.09% | Shares |
| Connor, Clark & Lunn Investment Management Ltd. | $5,970,455 | 267,015 | 0.09% | Shares |
| CAPTRUST FINANCIAL ADVISORS | $5,929,155 | 265,168 | 0.09% | Shares |
Company insiders 30 insiders · 13 officers · 21 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| David L Finkelstein | CEO and Co-CIO | Aug. 3, 2026 S | 761,012 | 0 | 1 | $-1,144,500 |
| Kevin Keyes | Chairman, CEO & President | May 6, 2019 P | 1,284,779 | 0 | 0 | $0 |
| Michael A J Farrell | Pres., Chairman of Board & CEO | Oct. 2, 2012 M | 2,706,392 | 0 | 0 | $0 |
| Kathryn Fagan | CHIEF FINANCIAL OFFICER | April 27, 2012 M | 290,482 | 0 | 0 | $0 |
| James Fortescue | COO | Nov. 11, 2013 P | 160,261 | 0 | 0 | $0 |
| Wellington Denahan | Chairman of Board/Exec. Chair. | Dec. 7, 2017 P | 1,798,414 | 0 | 0 | $0 |
| Timothy P Coffey | Chief Credit Officer | Nov. 9, 2016 P | 38,000 | 0 | 0 | $0 |
| Nicholas R Singh | Chief Legal Officer | May 6, 2016 P | 21,899 | 0 | 0 | $0 |
| Rose-Marie Lyght | Co-CIO | Nov. 26, 2013 P | 163,011 | 0 | 0 | $0 |
| Kristopher Robert Konrad | Co-CIO | Aug. 13, 2013 P | 213,035 | 0 | 0 | $0 |
| Jeremy Diamond | MANAGING DIRECTOR | Oct. 15, 2012 M | 91,989 | 0 | 0 | $0 |
| Ronald Daniel Kazel | Managing Director | Dec. 13, 2011 M | 156,938 | 0 | 0 | $0 |
| Jennifer S. Karve | EVP and Portfolio Manager | July 7, 2005 A | 103,092 | 0 | 0 | $0 |
| Scott Wede | Director | June 10, 2026 A | — | 0 | 0 | $0 |
| Manon Laroche | Director | June 10, 2026 A | — | 0 | 0 | $0 |
| Martin Laguerre | Director | June 10, 2026 A | — | 0 | 0 | $0 |
| Eric A. Reeves | Director | June 10, 2026 A | — | 0 | 0 | $0 |
| Thomas Edward Hamilton | Director | June 10, 2026 A | — | 0 | 0 | $0 |
| Kathy Hopinkah Hannan | Director | June 10, 2026 A | — | 0 | 0 | $0 |
| Vicki Williams | Director | June 10, 2026 A | — | 0 | 0 | $0 |
| Glenn Votek | Director | June 10, 2026 A | 216,811 | 0 | 0 | $0 |
| Donnell Segalas | Director | Nov. 10, 2017 P | 500 | 0 | 0 | $0 |
| Francine J. Bovich | Director | Aug. 17, 2017 P | 13,500 | 0 | 0 | $0 |
| Kevin Brady | Director | May 25, 2017 A | 48,750 | 0 | 0 | $0 |
| Jonathan D Green | Director | May 25, 2017 A | 45,750 | 0 | 0 | $0 |
| Michael E Haylon | Director | May 25, 2017 A | — | 0 | 0 | $0 |
| John H Schaefer | Director | May 25, 2017 A | 62,742 | 0 | 0 | $0 |
| Wayne E Nordberg | Director | May 25, 2017 A | 43,250 | 0 | 0 | $0 |
| John Lambiase | Director | June 26, 2012 A | 58,062 | 0 | 0 | $0 |
| Spencer I Browne | Director | Dec. 21, 2004 M | 36,558 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 1 position
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Annaly Capital Management, Inc. ×8 filings | May 23, 2013 | — | Initial filing | — | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
ETF ownership Held by 108 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| REM · iShares Trust | 25.72% | 6,050,222 SH | Aug. 8, 2026 | Daily |
| DVDN · ETF Opportunities Trust | 4.46% | 6,858 NS | April 30, 2026 | N-PORT |
| HYIN · WisdomTree Trust | 3.26% | 76,844 NS | May 31, 2026 | N-PORT |
| KBWD · Invesco Exchange-Traded Fund Trust … | 3.21% | 587,246 | Aug. 8, 2026 | Daily |
| FXO · First Trust Exchange-Traded AlphaDE… | 1.61% | 753,515 NS | April 30, 2026 | N-PORT |
| XMVM · Invesco Exchange-Traded Fund Trust | 1.52% | 335,042 | Aug. 8, 2026 | Daily |
| RIET · ETF Series Solutions | 1.41% | 67,273 NS | May 31, 2026 | N-PORT |
| XMMO · Invesco Exchange-Traded Fund Trust | 1.40% | 4,588,384 | Aug. 8, 2026 | Daily |
| XMLV · Invesco Exchange-Traded Fund Trust … | 1.30% | 424,068 | Aug. 8, 2026 | Daily |
| FDVV · FIDELITY COVINGTON TRUST | 1.28% | 5,123,565 NS | April 30, 2026 | N-PORT |
| GINX · RBB Fund, Inc. | 1.25% | 54,571 NS | May 31, 2026 | N-PORT |
| IYR · iShares Trust | 1.20% | 2,407,039 SH | Aug. 8, 2026 | Daily |
| HSMV · First Trust Exchange-Traded Fund III | 1.06% | 14,130 NS | April 30, 2026 | N-PORT |
| IJJ · iShares Trust | 0.94% | 3,731,206 SH | Aug. 8, 2026 | Daily |
| FTA · First Trust Exchange-Traded AlphaDE… | 0.94% | 535,167 NS | April 30, 2026 | N-PORT |
| IVOV · VANGUARD ADMIRAL FUNDS | 0.94% | 629,166 SH | Aug. 8, 2026 | Daily |
| PFF · iShares Trust | 0.91% | 4,637,751 SH | Aug. 8, 2026 | Daily |
| CZA · Invesco Exchange-Traded Fund Trust | 0.81% | 67,639 | Aug. 8, 2026 | Daily |
| FDRR · FIDELITY COVINGTON TRUST | 0.76% | 226,488 NS | April 30, 2026 | N-PORT |
| PAMC · Pacer Funds Trust | 0.72% | 19,857 NS | April 30, 2026 | N-PORT |
| HOMZ · ETF Series Solutions | 0.71% | 10,993 NS | May 31, 2026 | N-PORT |
| HDUS · Lattice Strategies Trust | 0.70% | 54,765 NS | April 30, 2026 | N-PORT |
| IQSM · New York Life Investments ETF Trust | 0.66% | 90,177 NS | April 30, 2026 | N-PORT |
| MIDE · DBX ETF Trust | 0.63% | 967 NS | May 29, 2026 | N-PORT |
| HIDV · AB Active ETFs, Inc. | 0.61% | 53,566 NS | May 31, 2026 | N-PORT |
| VRP · Invesco Exchange-Traded Fund Trust … | 0.57% | 672,066 | Aug. 8, 2026 | Daily |
| FVAL · FIDELITY COVINGTON TRUST | 0.57% | 299,635 NS | April 30, 2026 | N-PORT |
| XJH · iShares Trust | 0.52% | 99,032 SH | Aug. 8, 2026 | Daily |
| QVMM · Invesco Exchange-Traded Fund Trust … | 0.51% | 97,480 | Aug. 8, 2026 | Daily |
| FBCV · FIDELITY COVINGTON TRUST | 0.50% | 34,776 NS | April 30, 2026 | N-PORT |
| PTMC · Pacer Funds Trust | 0.48% | 82,406 NS | April 30, 2026 | N-PORT |
| FAB · First Trust Exchange-Traded AlphaDE… | 0.47% | 28,228 NS | April 30, 2026 | N-PORT |
| IJH · iShares Trust | 0.46% | 25,283,513 SH | Aug. 8, 2026 | Daily |
| IVOO · VANGUARD ADMIRAL FUNDS | 0.45% | 1,183,532 SH | Aug. 8, 2026 | Daily |
| FEX · First Trust Exchange-Traded AlphaDE… | 0.44% | 290,425 NS | April 30, 2026 | N-PORT |
| PABU · iShares Trust | 0.43% | 476,207 SH | Aug. 8, 2026 | Daily |
| BKMC · BNY Mellon ETF Trust | 0.41% | 112,375 NS | April 30, 2026 | N-PORT |
| VBR · VANGUARD INDEX FUNDS | 0.35% | 10,669,796 SH | Aug. 8, 2026 | Daily |
| WLDR · Two Roads Shared Trust | 0.34% | 10,591 NS | April 30, 2026 | N-PORT |
| MVV · ProShares Trust | 0.34% | 24,827 NS | May 31, 2026 | N-PORT |
| MIDU · Direxion Shares ETF Trust | 0.33% | 11,898 NS | April 30, 2026 | N-PORT |
| SMDX · Tidal Trust III | 0.31% | 17,030 NS | April 30, 2026 | N-PORT |
| RWK · Invesco Exchange-Traded Fund Trust … | 0.30% | 176,212 | Aug. 8, 2026 | Daily |
| JPUS · J.P. Morgan Exchange-Traded Fund Tr… | 0.29% | 56,928 NS | April 30, 2026 | N-PORT |
| FSMD · FIDELITY COVINGTON TRUST | 0.29% | 302,428 NS | April 30, 2026 | N-PORT |
| SCHM · SCHWAB STRATEGIC TRUST | 0.29% | 1,942,557 NS | May 31, 2026 | N-PORT |
| JPME · J.P. Morgan Exchange-Traded Fund Tr… | 0.29% | 55,466 NS | April 30, 2026 | N-PORT |
| CAPE · DoubleLine ETF Trust | 0.29% | 35,324 NS | March 31, 2026 | N-PORT |
| IYF · iShares Trust | 0.25% | 488,171 SH | Aug. 8, 2026 | Daily |
| UMDD · ProShares Trust | 0.24% | 3,467 NS | May 31, 2026 | N-PORT |