AI Earnings Predictions for Annaly Capital Management Inc. (NLY)

EX-99.1

2 a2026q2nlyex991.htm

EX-99.1

Document

ANNALY CAPITAL MANAGEMENT, INC. REPORTS 2nd QUARTER 2026 RESULTS

NEW YORK—July 21, 2026—Annaly Capital Management, Inc. (NYSE: NLY) ("Annaly" or the "Company") today announced its financial results for the quarter ended June 30, 2026.

Financial Highlights

•GAAP net income of $1.06 per average common share for the quarter

•Earnings available for distribution ("EAD") of $0.79 per average common share for the quarter

•Economic return of 5.5% for the second quarter

•Book value per common share of $20.15

•GAAP leverage of 7.4x, up from 7.3x in the prior quarter; economic leverage of 5.6x, down from 5.7x in the prior quarter

•Increased common stock cash dividend to $0.75 per share for the second quarter

Business Highlights

Investment and Strategy

•Total portfolio of $109.4 billion, including $95.0 billion in highly liquid Agency portfolio(1)

•Annaly’s Agency portfolio increased by nearly $3 billion, representing 57% of dedicated capital(2), with activity focused on investing accretive capital raised into higher coupon TBA securities and specified pools

•Maintained conservative hedge positioning given elevated macro uncertainty; ended the quarter with a hedge ratio of 97% with activity focused primarily on adding swap exposure across tenors

•Annaly’s Residential Credit portfolio was effectively unchanged at $10.4 billion(1), representing 22% of dedicated capital(2), reflecting continued momentum across its whole loan correspondent channel and securitization platform

•Annaly's MSR portfolio was relatively unchanged at $4.1 billion(1) in market value, representing 21% of dedicated capital(2); Onslow Bay remains the fifth largest non-bank servicer of Agency MBS(3)

Financing and Capital

•$9.6 billion of total assets available for financing(4), including cash and unencumbered Agency MBS of $5.5 billion

•During the quarter, Annaly Residential Credit Group issued a record thirteen securitizations totaling $6.8 billion across a wide array of product types

–Remained the largest non-bank issuer and the second largest issuer overall of Prime Jumbo and Expanded Credit MBS(5)

•Average GAAP cost of interest-bearing liabilities of 4.28%, down one basis point quarter-over-quarter, and average economic cost of interest-bearing liabilities of 3.96%, up three basis points quarter-over-quarter

•Annaly’s Residential Credit business increased financing capacity by $740 million through expanded credit facilities; total warehouse capacity across the Residential Credit and MSR businesses of $8.3 billion, including $2.8 billion of committed capacity

•Raised $447 million of accretive capital through the Company’s at-the-market sales program(6)

"Annaly delivered another quarter of solid results, demonstrating the strength and breadth of our diversified housing finance platform, including a 5.5% economic return and EAD that exceeded the dividend for the ninth consecutive quarter," remarked Chief Executive Officer & Co-Chief Investment Officer David Finkelstein. "These results contributed to a 6.9% economic return through the first half of 2026 and supported our decision to increase the quarterly common stock dividend to $0.75 per share, reflecting the durable earnings power of our portfolio. Looking ahead, we see meaningful opportunities across all three of our investment strategies and believe our scale, liquidity and disciplined capital allocation position us to continue delivering compelling risk-adjusted returns across market cycles."

(1) Total portfolio represents Annaly’s investments that are on-balance sheet and off-balance sheet in which Annaly has economic exposure. Assets exclude assets transferred or pledged to securitization vehicles of $38.3 billion, include TBA purchase contracts (market value) of $7.2 billion, include unsettled MSR commitments of $11 million and unsettled MSR sales of $136 million, include $3.9 billion of retained securities that are eliminated in consolidation and are shown net of participations issued totaling $2.6 billion. Unsettled MSR commitments and unsettled MSR sales represent the market value of deals where Annaly has executed a letter of intent prior to quarter-end. There can be no assurance whether these deals will close or when they will close.

(2) Dedicated capital for each of the investment strategies is calculated as the difference between each investment strategy’s allocated assets (including TBAs) and liabilities.

(3) Based on information aggregated from Fannie Mae and Freddie Mac monthly loan level files by eMBS servicing transfer data as of June 30, 2026. Excludes transfer activity related to platform acquisitions.

(4) Comprised of $8.0 billion of unencumbered assets, which represents Annaly’s excess liquidity and defined as assets that have not been pledged or securitized (generally including cash and cash equivalents, Agency MBS, CRT, Non-Agency MBS, residential mortgage loans, MSR, reverse repurchase agreements

EX-99.1

2 a2026q1nlyex991.htm

EX-99.1

Document

ANNALY CAPITAL MANAGEMENT, INC. REPORTS 1st QUARTER 2026 RESULTS

NEW YORK—April 21, 2026—Annaly Capital Management, Inc. (NYSE: NLY) ("Annaly" or the "Company") today announced its financial results for the quarter ended March 31, 2026.

Financial Highlights

•GAAP net income of $0.33 per average common share for the quarter

•Earnings available for distribution ("EAD") of $0.76 per average common share for the quarter

•Economic return of 1.5% for the first quarter

•Book value per common share of $19.82

•GAAP leverage of 7.3x, up from 7.2x in the prior quarter; economic leverage of 5.7x, up from 5.6x in the prior quarter

•Common stock cash dividend of $0.70 per share for the first quarter

Business Highlights

Investment and Strategy

•Total portfolio of $106.7 billion, including $92.2 billion in highly liquid Agency portfolio(1)

•Annaly’s Agency portfolio decreased marginally, representing 56% of dedicated capital(2), with activity focused on investing paydowns into intermediate coupons, primarily 4.5% securities, and Agency CMBS

•Maintained a conservative hedge profile throughout the quarter given elevated rate and macro volatility; ended the quarter with hedge ratio of 87% with notional hedge portfolio relatively unchanged

•Annaly’s Residential Credit portfolio increased 30% to $10.3 billion(1), representing 23% of dedicated capital(2), reflecting continued momentum across its whole loan correspondent channel and securitization platform

•Annaly's MSR portfolio increased 9% to $4.2 billion(1) in market value, representing 21% of dedicated capital(2), driven by robust bulk and flow purchase activity; Onslow Bay is the fifth largest non-bank servicer of Agency MBS(3)

–Received a 2025 Gold SHARP award from Freddie Mac, recognizing superior mortgage servicing portfolio performance

Financing and Capital

•$9.0 billion of total assets available for financing(4), including cash and unencumbered Agency MBS of $5.0 billion

•Annaly Residential Credit Group closed eight securitizations totaling a record $4.7 billion during the first quarter, surpassing $50 billion in total issuance

–Remained the largest non-bank issuer and the second largest issuer overall of Prime Jumbo and Expanded Credit MBS(5)

•Average GAAP cost of interest-bearing liabilities of 4.29%, down 20 basis points quarter-over-quarter, and average economic cost of interest-bearing liabilities of 3.93%, down two basis points quarter-over-quarter

•Annaly’s Residential Credit and MSR businesses increased financing capacity by $550 million and $100 million, respectively, through new and expanded credit facilities; total warehouse capacity across both businesses of $7.6 billion, including $2.8 billion of committed capacity

•Raised $509 million of accretive capital through the Company’s at-the-market sales program(6)

"The first quarter of 2026 marked Annaly’s tenth consecutive quarter of positive economic returns as our diversified housing finance platform further demonstrated its ability to deliver superior risk-adjusted returns across a range of market environments,” remarked Chief Executive Officer & Co-Chief Investment Officer David Finkelstein. "Earnings again exceeded our dividend, and we grew the portfolio through accretive capital raising and disciplined portfolio management.

"During the first quarter, we increased our capital allocation to our non-Agency businesses considerate of compelling relative value. Our Residential Credit portfolio expanded 30% driven by another quarter of record whole loan production, while continuing our programmatic pace of securitization. Our MSR portfolio also grew nearly 10% as we capitalized on opportunities in the bulk and flow markets, leveraging our strong industry relationships. At the same time, our flagship Agency MBS business performed well with technical factors among the most supportive we have seen in years, bolstered by a disciplined leverage and liquidity profile. Looking ahead, we see attractive investment opportunities across our three strategies and believe Annaly remains well-positioned to deliver sustainable value for our shareholders."

(1) Total portfolio represents Annaly’s investments that are on-balance sheet as well as investments that are off-balance sheet in which Annaly has economic exposure. Assets exclude assets transferred or pledged to securitization vehicles of $34.2 billion, include TBA purchase contracts (market value) of $5.8 billion, include unsettled MSR commitments of $13 million, include $3.5 billion of retained securities that are eliminated in consolidation and are shown net of participations issued totaling $2.5 billion. MSR commitments represent the market value of deals where Annaly has executed a letter of intent prior to quarter-end. There can be no assurance whether these deals will close or when they will close.

(2) Dedicated capital for each of the investment strategies is calculated as the difference

EX-99.1

2 a2025q4nlyex991.htm

EX-99.1

Document

ANNALY CAPITAL MANAGEMENT, INC. REPORTS 4th QUARTER 2025 RESULTS

NEW YORK—January 28, 2026—Annaly Capital Management, Inc. (NYSE: NLY) ("Annaly" or the "Company") today announced its financial results for the quarter and year ended December 31, 2025.

Financial Highlights

•GAAP net income of $1.40 per average common share for the quarter; $2.92 for the full year 2025

•Earnings available for distribution ("EAD") of $0.74 per average common share for the quarter; $2.92 for the full year 2025

•Economic return of 8.6% for the fourth quarter and 20.2% for the full year 2025

•Book value per common share of $20.21

•GAAP leverage of 7.2x, up from 7.1x in the prior quarter; economic leverage of 5.6x, down from 5.7x in the prior quarter

•Common stock cash dividend of $0.70 per share for the fourth quarter

Business Highlights

Fourth Quarter 2025 Highlights

•Total portfolio of $104.7 billion, including $92.9 billion in highly liquid Agency portfolio(1)

•Annaly’s Agency portfolio increased by 6%, representing 62% of dedicated capital(2), with accretive capital raised during the quarter predominantly deployed in 5.0% coupon TBA and generic collateral securities, higher coupon specified pools and Agency CMBS

•Hedge portfolio was little changed in aggregate notional balances, while new assets were hedged using a combination of Treasury futures and interest rate swaps, which continue to offer a favorable carry profile

•Annaly’s Residential Credit portfolio increased 16% to $8.0 billion(1) driven by record correspondent channel activity in 2025

•Annaly's MSR portfolio increased 8% to $3.8 billion(1) in market value, representing 19% of dedicated capital(2)

•$9.4 billion of total assets available for financing(3), including cash and unencumbered Agency MBS of $6.1 billion

•Annaly Residential Credit Group closed eight securitizations totaling a record $4.6 billion during the fourth quarter

•Average GAAP cost of interest-bearing liabilities of 4.49%, down 24 basis points quarter-over-quarter, and average economic cost of interest-bearing liabilities of 3.95%, down 1 basis point quarter-over-quarter

•Weighted average days to maturity for repurchase agreements decreased to 35 days from 49 days in the prior quarter

Full-Year 2025 Highlights

Investment and Strategy

•Annaly’s Agency portfolio increased by 32% or $22 billion throughout 2025 with portfolio additions primarily invested into specified pools with significant call protection; weighted average coupon increased from 5.00% to 5.12%

•Annaly’s Residential Credit portfolio increased by 15% during the year driven by record correspondent channel activity with $23.1 billion in lock volume and $16.5 billion in loan fundings

•As the second largest purchaser of conventional MSR in 2025, Annaly's MSR portfolio increased 15% to $3.8 billion in market value; uniquely positioned with the lowest note rate portfolio among the top 20 Agency servicers and strong recapture and subservicing relationships with industry leaders(4)

Financing and Capital

•Maintained a prudent leverage and liquidity posture throughout the year with economic leverage ranging from 5.6x to 5.8x and total assets available for financing increasing $2.5 billion in 2025 to $9.4 billion, representing 58% of total stockholders' equity

•Annaly Residential Credit Group closed 29 securitizations totaling a record $15.2 billion during the year

–Annaly remained the largest non-bank issuer and the second largest issuer overall of Prime Jumbo and Expanded Credit MBS year-to-date(5)

•Since the beginning of 2025, Annaly’s Residential Credit and MSR businesses increased financing capacity by $1.2 billion and $600 million, respectively, through new and expanded credit facilities; total warehouse capacity across both businesses of $6.9 billion, including $2.7 billion of committed capacity

•Raised $2.9 billion of accretive capital throughout the year, including $2.6 billion(6) of common equity through the Company’s at-the-market sales program and $275 million(7) through the issuance of Annaly's 8.875% Series J fixed-rate cumulative redeemable preferred stock

"2025 was a solid year for Annaly as we delivered a 20% economic return and 40% total shareholder return underscoring the resilience and strength of our diversified housing finance model," remarked Chief Executive Officer & Co-Chief Investment Officer David Finkelstein. "Our portfolio grew by nearly 30% as we successfully deployed accretive capital raised across our three investment strategies, primarily into Agency MBS.

"Our Agency business benefited from meaningful spread tightening, supported by strong fund flows, improved fundamentals and a more favorable operating environment. Our Residential Credit platform generated record production from our whole loan correspondent channel and securitization platform, which continues to gain market share through the introduction of innovative structured transac