Annotation features cannot be identified using the Identify tool.
ArcMap does not support the ability to identify CAD annotation features. This limitation also exists in ArcCatalog.
Solution or Workaround
Text entities can be identified in CAD Drawings.
- Add the CAD Drawing to ArcMap in addition to the CAD annotation feature class. Use the CAD Drawing for identification purposes.
- Convert the CAD annotation to geodatabase annotation.