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Annaly Capital Management (NLY)
NYSE:NLY
Earnings Data
Report Date
Apr 29, 2026After Close (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
0.75Last Year’s EPS
0.72Same Quarter Last Year
Strong Buy
Based on 9 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented a generally positive operational and financial picture: strong quarterly and annual economic returns, significant portfolio growth, substantial capital raised, improved liquidity and conservative leverage, and robust activity across Agency, residential credit and MSR businesses. Notable challenges include compressed Agency spreads reducing near-term yield opportunity, lower swap income, policy/GSE uncertainty and macro risks that could increase volatility. On balance the positive performance, scale, liquidity and disciplined funding profile outweigh the highlighted risks.Company Guidance
Strong Quarterly and Annual Returns
Economic return of 8.6% in Q4 2025 and full-year economic return of 20.2%; total shareholder return of 40% for 2025, driven by spread tightening and lower volatility.
Earnings Available for Distribution Outpaced Dividend
EAD rose marginally to $0.74 (up $0.01 QoQ) and exceeded the Q4 dividend of $0.70, supporting management's view of dividend sustainability into 2026.
Book Value and Capital Raised
Book value per share increased 5% QoQ to $20.21; Annaly raised $560 million of common equity via ATM in Q4 and $2.9 billion of equity in 2025 (including Series J preferred).
Portfolio Growth with Conservative Leverage
Portfolio grew ~30% year-over-year while economic leverage decreased modestly to 5.6x, reflecting growth with a conservative funding profile.
Agency Business Scale and Contribution
Agency portfolio market value ended 2025 at $93 billion (up nearly $6 billion QoQ and $22 billion YoY) and represented 62% of capital; favorable technicals and spread contraction supported returns.
Residential Credit (Onslow Bay) Record Activity
Residential credit portfolio ended Q4 at $8 billion (up $1.1 billion QoQ, ~19% of capital). Onslow Bay achieved record quarter: correspondent locks $6.4B and fundings $5B; closed 8 securitizations ($4.6B) creating $570M of proprietary OBX assets with mid‑teens expected ROEs. For 2025 locked >$23B and funded $16.5B (up ~30% and ~40% YoY respectively); closed 29 securitizations totaling $15.2B and generated ~$1.9B retained assets.
MSR Growth and Strong Portfolio Fundamentals
MSR portfolio ended Q4 at $3.8 billion (up ~$280M QoQ; +15% YoY) and 19% of capital. Committed purchases equaled ~$22B UPB (~$330M market value). Portfolio CPR 4.6% (unchanged) and serious delinquencies 55 bps; weighted average note rate ~3.28% (250 bps out of the money). Annaly onboarded $59B UPB in 2025 and ranked as the second largest buyer of conventional MSR.
Improved Funding, Liquidity and Operational Efficiency
Added $6.7B of repo principal; Q4 ending repo rate 4.02% (down 34 bps QoQ); average repo rate improved ~30 bps to ~4.2%. Unencumbered assets of $7.8B (including $6.1B cash/unencumbered Agency MBS) and total assets available for financing ~$9.4B (~58% of capital). Efficiency ratio improved to 1.31% (down 10 bps QoQ).
NLY Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
NLY Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Jan 28, 2026 | $24.25 | $24.00 | -1.03% |
Oct 22, 2025 | $21.30 | $20.89 | -1.92% |
Jul 23, 2025 | $19.77 | $19.87 | +0.54% |
Apr 30, 2025 | $18.26 | $18.09 | -0.91% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Annaly Capital Management (NLY) report earnings?
Annaly Capital Management (NLY) is schdueled to report earning on Apr 29, 2026, After Close (Confirmed).
What is Annaly Capital Management (NLY) earnings time?
Annaly Capital Management (NLY) earnings time is at Apr 29, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is NLY EPS forecast?
NLY EPS forecast for the fiscal quarter 2026 (Q1) is 0.75.