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Annaly Capital Management (NLY) investor relations material
Annaly Capital Management Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary24 Jul, 2025
Executive summary
Earnings available for distribution reached $0.73 per share in Q2 2025, exceeding the $0.70 dividend, with a 0.7% economic return for the quarter and 3.7% year-to-date.
Book value per share declined to $18.45 from the prior quarter, with total assets reaching $112.1 billion and stockholders' equity at $13.4 billion.
Raised $761 million in accretive capital through at-the-market sales, supporting portfolio growth and liquidity.
Economic leverage increased to 5.8x, with GAAP leverage at 7.1x; capital allocation to Agency MBS rose to 62%.
Appointed a new Independent Chair of the Board in May 2025.
Financial highlights
Net interest margin (excluding PAA) improved to 1.71% in Q2 2025, with average yield on interest-earning assets at 5.41%.
GAAP net income per share was $0.03, while EAD per share was $0.73, both up from Q2 2024.
Book value per share decreased 3% sequentially and 4% year-over-year.
Annualized EAD return on average equity was 14.86% for Q2 2025.
Dividend yield annualized at 14.88% based on the closing price at quarter-end.
Outlook and guidance
Management remains focused on prudent leverage, robust liquidity, and conservative hedging amid volatility.
Expects to remain overweight Agency MBS, with continued strong securitization activity and opportunistic MSR acquisitions.
Residential credit and MSR portfolios expected to remain stable, with cautious credit standards and selective MSR participation.
Home prices may soften further, with modestly negative year-over-year appreciation anticipated.
Fed is expected to deliver two 25 bp rate cuts in 2025, potentially benefiting the mortgage sector.
How did Residential Credit's securitization perform?
Explain the increase in Annaly's Agency portfolio.
What drove the change in economic interest expense?
How will GSE reform impact resi credit growth?
Discuss comfort level with current dividend.
Detail non-mark-to-market financing growth.
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Next Annaly Capital Management earnings date
Q3 202523 Oct, 2025
Next Annaly Capital Management earnings date
Q3 202523 Oct, 2025
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Frequently asked questions
Annaly Capital Management is a diversified capital manager that invests in and finances residential and commercial assets. They primarily own a variety of investments, including Agency RMBS, ARMs, non-Agency RMBS, CMBS and CMBS IO, residential whole loans, MSRs and other financial assets.
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