Financial Performance - Annaly increased the dividend to $0.70 per share, highlighting the strong performance of its diversified housing finance portfolio[10] - Earnings available for distribution were $0.72 per average common share for the quarter[11] - The book value per common share was $19.02[11] - The company's economic return for the first quarter was 3.0%[11] Portfolio Composition and Performance - The total portfolio was $84.9 billion, including $75.0 billion in highly liquid Agency MBS, representing 88% of total assets and 61% of dedicated capital[11] - The Agency portfolio increased by 6% during the quarter, focusing on allocating capital into intermediate coupon TBA securities[11] - The Residential Credit portfolio decreased 5% to $6.6 billion, driven by securitization and sales of third-party securities[11] - The MSR portfolio remained relatively unchanged at $3.3 billion in market value, representing 21% of dedicated capital[11] Financing and Liquidity - Economic leverage was 5.7x, up from 5.5x in the fourth quarter[11] - Total assets available for financing were $7.5 billion, including cash and unencumbered Agency MBS of $4.7 billion[11] - The average GAAP cost of interest-bearing liabilities was 4.77%, down 19 basis points quarter-over-quarter, while the average economic cost of interest-bearing liabilities was 3.88%, up 9 basis points quarter-over-quarter[11]

Financial Performance - GAAP net income of $0.15 per average common share for Q1 2025, down from $0.78 in Q4 2024[5] - Net income attributable to Annaly for Q1 2025 was $124.22 million, compared to $482.05 million in Q4 2024, indicating a decline of 74.2%[16] - Comprehensive income attributable to common stockholders for Q1 2025 was $317.35 million, up from $137.87 million in Q4 2024, reflecting a growth of 130%[16] - GAAP net income for Q1 2025 was $130,305,000, compared to $473,076,000 in Q4 2024 and $465,174,000 in Q1 2024[27] - Earnings available for distribution for Q1 2025 were $461,857,000, up from $447,015,000 in Q4 2024 and $357,962,000 in Q1 2024, representing a 28.9% year-over-year increase[27] Earnings and Dividends - Earnings available for distribution (EAD) of $0.72 per average common share, consistent with Q4 2024[5] - The dividend declared per common share increased to $0.70 from $0.65 in the previous quarter and the same amount a year ago, resulting in an annualized dividend yield of 13.79%[18] - Dividends on preferred stock decreased to $37.16 million in Q1 2025 from $38.70 million in Q4 2024, a reduction of 3.9%[16] Portfolio and Assets - Total portfolio valued at $84.9 billion, including $75.0 billion in highly liquid Agency portfolio, which increased by 6%[5] - Total assets increased to $105.12 billion as of March 31, 2025, up from $103.56 billion at December 31, 2024, representing a growth of 1.52%[14] - As of March 31, 2025, the total investment portfolio reached $101.96 billion, an increase from $98.19 billion as of December 31, 2024, and $87.48 billion as of March 31, 2024[20] Leverage and Debt - GAAP leverage improved to 6.8x from 7.1x in the prior quarter; economic leverage increased to 5.7x from 5.5x[5] - Total liabilities stood at $92.03 billion as of March 31, 2025, compared to $90.86 billion at the end of 2024, an increase of 1.29%[14] - Total GAAP debt as of March 31, 2025, was $88,629,051,000, slightly down from $89,605,046,000 as of December 31, 2024[38] Interest Income and Expenses - Net interest income for Q1 2025 was $219.97 million, a significant increase from $187.29 million in Q4 2024, marking a rise of 17.5%[16] - Interest income for Q1 2025 was $1.32 billion, slightly down from $1.34 billion in Q4 2024, reflecting a decrease of 0.57%[16] - Economic interest expense for Q1 2025 was $892,748, an increase from $879,287 in Q4 2024 and $770,790 in Q1 2024[44] - The average yield on interest-earning assets was 5.18%, slightly down from 5.36% in the previous quarter but up from 4.88% a year ago[18] Economic Metrics - Economic return of 3.0% for Q1 2025, supported by all three investment strategies[5] - The annualized GAAP return on average equity significantly decreased to 4.04% from 15.00% in the previous quarter and 16.29% a year ago[18] - The economic capital ratio remained stable at 14.6% for the quarters ended March 31, 2025, December 31, 2024, and March 31, 2024[18] Securitization and Sales - Annaly priced eight securitizations totaling $4.2 billion since the beginning of 2025, including its inaugural HELOC securitization[5] - Annaly's Residential Credit portfolio decreased to $6.6 billion due to securitization issuance and opportunistic sales[5] Cash and Equivalents - The company’s cash and cash equivalents rose to $1.83 billion as of March 31, 2025, compared to $1.49 billion at December 31, 2024, a growth of 23.1%[14]

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Annaly Capital Management (NLY) closed the most recent trading day at $18.92, moving +1.39% from the previous trading session. This change lagged the S&P 500's 2.03% gain on the day. Meanwhile, the Dow experienced a rise of 1.23%, and the technology-dominated Nasdaq saw an increase of 2.74%.The the stock of real estate investment trust has fallen by 11.77% in the past month, lagging the Finance sector's loss of 3.37% and the S&P 500's loss of 5.07%.Investors will be eagerly watching for the performance of A ...

Annaly Capital Management Inc. (NLY) is scheduled to report first-quarter 2025 results on April 30, after market close. The company’s results are expected to reflect year-over-year growth in net interest income (NII) and earnings in the quarter to be reported.NLY's peer AGNC Investment (AGNC) announced its quarterly numbers on April 21, whereas Arbor Realty Trust (ABR) is expected to release its performance details on May 2.In the last reported quarter, Annaly’s adjusted earnings available for distribution ...

Annaly Capital Management (NLY) shares rallied 5.4% in the last trading session to close at $18.82. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 14.9% loss over the past four weeks.Annaly’s surge in its stock price follows the broader market rally driven by Trump’s announcement on April 9, 2025, of a 90-day pause on reciprocal tariffs for most trading partners, excluding China. The tariff pause reduced imm ...

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Core Viewpoint - Annaly Capital Management (NLY) has shown resilience in a challenging economic environment, outperforming its peers and the industry overall [1][4]. Performance Summary - NLY's stock has increased by 11.5% over the past year, while the industry has declined by 3.8% [1]. - Compared to peers, AGNC Investment has grown by 7.2%, and Ellington Credit Company has decreased by 19% [1]. Liquidity and Capital Distribution - Annaly maintains a strong liquidity position with an unencumbered asset portfolio of $5.8 billion, enhancing its ability to navigate market fluctuations [5][6]. - The company announced a cash dividend of 70 cents per share for Q1 2025, a 7.7% increase from the previous payout, with a current dividend yield of 14.87%, surpassing the industry average of 11.30% [6][7]. - NLY's payout ratio stands at 96% of its earnings, indicating a sustainable dividend policy [7]. Market Conditions and Opportunities - The Federal Reserve's interest rate cuts have led to a decline in mortgage rates, which is expected to improve purchase originations and refinancing volumes [11][12]. - NLY is anticipated to benefit from these trends, leading to an improvement in book value and net interest spread [13]. Diversification Strategy - Annaly's diversified capital allocation includes residential credit, mortgage servicing rights (MSR), and agency mortgage-backed securities (MBS), which helps mitigate risks and enhance returns [14][15]. - The company has exited its Middle Market Lending portfolio and commercial real estate business to focus on its core housing finance strategy [16]. - The inclusion of MSRs in the portfolio is expected to provide consistent returns, especially in fluctuating interest rate environments [17]. Investment Outlook - NLY's strong liquidity and diversified investment strategy position it well for long-term growth and stability [18]. - Earnings estimates for 2025 and 2026 have been revised upward, reflecting a solid growth trajectory [20]. - The company is trading at a forward P/E of 6.67X, lower than the industry average of 7.67X, indicating potential value for investors [22].

Group 1 - Annaly Capital Management (NLY) has outperformed its Finance sector peers, gaining approximately 7.3% year-to-date, while the average loss in the Finance group is about 1.4% [4] - The Zacks Consensus Estimate for NLY's full-year earnings has increased by 6.2% over the past quarter, indicating a positive trend in analyst sentiment [4] - NLY currently holds a Zacks Rank of 2 (Buy), suggesting a favorable outlook for the stock [3] Group 2 - Annaly Capital Management is part of the REIT and Equity Trust industry, which has seen an average loss of 0.5% this year, further highlighting NLY's strong performance [6] - Another Finance stock, Amerisafe (AMSF), has also outperformed its sector with a year-to-date increase of 3% and holds a Zacks Rank of 2 (Buy) [5] - The Insurance - Accident and Health industry, to which Amerisafe belongs, is currently ranked 38 and has gained 7% year-to-date [6]

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