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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 an economic return of 20.2% for 2025 and 8.6% for Q4, with a total shareholder return of 40% for the year and GAAP net income of $1.40 per share for Q4 and $2.92 for the year.
Portfolio grew nearly 30% year-over-year to $104.7 billion, driven by capital deployment across Agency MBS, Residential Credit, and MSR strategies.
Maintained a conservative leverage profile, with economic leverage at 5.6x and GAAP leverage at 7.2x at year-end.
All three business segments—Agency, Residential Credit, and MSR—delivered double-digit growth and robust performance.
Entered 2026 well-positioned with a constructive market environment and enhanced risk-adjusted return prospects.
Financial highlights
Book value per share increased to $20.21, up from $19.15 a year ago and 5% quarter-over-quarter.
Earnings available for distribution (EAD) per share was $0.74 for Q4, exceeding the $0.70 dividend.
Net interest margin (excluding PAA) for Q4 was 1.69%, with a net interest spread of 1.49%.
Q4 GAAP net income per share was $1.40, with annualized GAAP return on average equity of 26.14%.
Unencumbered assets at quarter-end totaled $7.8 billion, with $6.1 billion in cash and agency MBS.
Outlook and guidance
Positioned for continued strong results in 2026 across all investment strategies, with a favorable operating environment.
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, and 20% MSR.
Confident in maintaining and out-earning the dividend in Q1 2026.
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
How will capital allocation shift in 2026?
When will current coupon MSR be attractive?
What factors could end low-risk environment?
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2025 saw double-digit SHOP NOI and FFO growth, a raised dividend, and $2.5B in investments. - 6 FebREG
2025 delivered record NOI and FFO growth, with 2026 guidance projecting further gains. - 6 FebMNTS
All stock issuance proposals passed except the share increase, which was not approved. - 6 FebCPT
2025 beat guidance; 2026 sees lower FFO, Sun Belt focus, and major asset sales with share repurchases. - 6 FebKOG
Record growth, robust backlog, and a NOK 5.70 dividend proposal drive future expansion. - 6 FebTSBK
Net income rose 19.8% to $8.22M, with higher margins, strong capital, and a dividend increase.
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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