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Annaly Capital Management
Annaly Capital Management (NLY) investor relations material
Annaly Capital Management Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary29 Jan, 2026
Executive summary
Achieved a 20.2% economic return for 2025 and 8.6% for Q4, with all business segments contributing and total shareholder return reaching 40%.
Book value per share rose to $20.21, up 5% sequentially, with a quarterly dividend of $0.70 per share declared.
Portfolio grew nearly 30% year-over-year to $104.7 billion, supported by $2.9 billion in equity raised.
Maintained a conservative leverage profile, with economic leverage decreasing to 5.6x.
Entered 2026 well-positioned with a constructive market environment and enhanced risk-adjusted return prospects.
Financial highlights
Q4 2025 GAAP net income per share was $1.40; full year was $2.92.
Earnings available for distribution (EAD) per share was $0.74 for Q4, exceeding the dividend.
Book value per share increased to $20.21 from $19.25 in Q3.
Net interest margin (excluding PAA) was 1.69% in Q4; net interest spread was 1.49%.
Annualized GAAP return on average equity was 26.14% in Q4.
Outlook and guidance
Confident in maintaining mid-teens returns and out-earning the dividend in Q1 2026.
Agency MBS expected to deliver low to mid-teen prospective returns due to lower volatility and hedging costs.
Non-agency and MSR segments targeted for increased capital allocation, aiming for a longer-term mix of 50% agency, 30% RESI, 20% MSR.
Expect continued strong volumes in MSR and residential credit due to industry consolidation and robust origination channels.
Market expects two 25 bps Fed rate cuts in 2026, with fixed income technicals remaining positive.
Explain economic leverage trend Q4 2025
Detail Agency portfolio growth strategy 2025
Analyze Q4 2025 net interest spread drivers
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Next Annaly Capital Management earnings date
Q1 202630 Apr, 2026
Annaly Capital Management
Next Annaly Capital Management earnings date
Q1 202630 Apr, 2026
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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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