Issuance of expanded-credit mortgage-backed securities declined during the fourth quarter of 2025, marking the first quarterly decline in issuance for the sector in two years. (Includes three data tables.)

Annaly Capital Management achieved company records in lock volume and securitization issuance during the fourth quarter of 2025.

With the potential for interest rates to decline further, originators in the RTL and DSCR space have varying strategies for dealing with volume changes.