Annaly Capital Management Earnings Call Transcripts
Fiscal Year 2026
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Economic return reached 1.5% in Q1 2026, with capital reallocated from agency to residential credit and MSR amid volatile markets. Book value per share declined 1.9% to $19.82, while EAD per share rose to $0.76, exceeding the dividend.
Fiscal Year 2025
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Economic return reached 8.6% in Q4 and 20% for 2025, with all segments showing double-digit growth and strong liquidity. Capital allocation is shifting toward residential credit and MSR, while risk monitoring focuses on policy and market volatility.
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Q3 2025 saw an 8.1% economic return, 4.3% book value growth, and strong EAD per share, with all segments contributing positively. Capital was deployed into agency, residential credit, and MSR, while risk and leverage remained conservative amid macro uncertainty.
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Q2 2025 saw a 0.7% economic return and a 3.7% YTD return, with earnings available for distribution per share rising to $0.73, outpacing the dividend. Agency MBS and residential credit portfolios grew, leverage increased to 5.8x, and funding sources were further diversified.
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Q1 2025 saw a 3% economic return, stable EAD per share, and a dividend increase to $0.70. Agency allocation rose, MSR and OBX platforms performed well, and funding capacity expanded, while management remains cautious amid ongoing volatility and regulatory uncertainty.
Fiscal Year 2024
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Delivered a 1.3% Q4 and 11.9% full-year economic return, with EAD rising to $0.72/share and all segments contributing positively. Book value per share declined 2%, but capital and liquidity remain strong, supporting a stable dividend outlook for 2025.
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The firm has transformed into a diversified housing finance leader, focusing on Agency MBS, MSR, and residential credit, supported by strong liquidity, operational synergies, and a conservative capital structure. Market outlook remains positive, with stable dividends, robust risk management, and growth initiatives in correspondent lending and securitization.
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Q3 saw a 4.9% economic return and book value growth, with strong performance across Agency MBS, residential credit, and MSR segments. Raised $1.2B in equity, maintained conservative leverage, and announced a new Rocket Mortgage partnership. Dividend remains secure with a positive outlook.
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Q2 2024 saw a 0.9% economic return and 5.7% YTD, with EAD exceeding dividends and strong segment performance across Agency, residential credit, and MSR. Leverage was 5.8x, liquidity remains robust, and the outlook is optimistic as the market anticipates Fed rate cuts.