Annaly Capital Management Inc (NLY)
NYSE:NLY
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Earnings Data
Report Date
Jul 29, 2026After Close (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
0.75Last Year’s EPS
0.73Same Quarter Last Year
Moderate Buy
Based on 10 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed resilient operating performance across a diversified platform despite a volatile macro and geopolitical backdrop. Key positives include a positive economic return (1.5%), EAD that covered the dividend ($0.76 vs $0.70), disciplined leverage (5.7x), successful equity raise (~$510M) and strong growth in Residential Credit and MSR (portfolio growth, record securitizations, and improved platform scale). Challenges included a 1.9% QoQ book value decline, March rate/treasury sell-off that increased hedging costs and some spread widening in credit and Agency late in the quarter. On balance, management emphasized conservative risk management, ample liquidity, and attractive relative-value opportunities across the three strategies.Company Guidance
Positive Economic Return and Dividend Coverage
Delivered an economic return of 1.5% in Q1 2026 and generated earnings available for distribution (EAD) of $0.76 per share (up $0.02 QoQ), which exceeded the quarterly dividend of $0.70.
Conservative Leverage and Strong Liquidity
Maintained disciplined economic leverage at 5.7x and ended the quarter with $7.4 billion in unencumbered assets (including $5.0 billion in cash and unencumbered Agency MBS) and roughly $9.0 billion of total assets available for financing (~55% of total capital).
Successful Equity Raise and Capital Reallocation
Raised approximately $510 million of common equity through ATM in Q1 and opportunistically increased aggregate capital allocation to Residential Credit and MSR from 38% to 44% to capture relative value.
Residential Credit Growth and Strong Securitization Activity
Residential Credit portfolio grew to $10.3 billion (23% of capital). Acquired $6.7 billion in whole loans; lock volume was $7.4 billion (+16% QoQ, +41% YoY). Q1 Residential Credit gross issuance was $79 billion (+63% YoY). OBX settled 8 securitizations for $4.7 billion, generating $570 million of proprietary assets; 12 transactions totaling $6.6 billion brought to market YTD.
MSR Scale and Attractive Fundamentals
MSR portfolio market value ended at $4.2 billion and now represents ~21% of capital. Committed to purchase $24 billion UPB (~$388 million market value) with weighted average note rate ~3.4%. Prepay speeds muted at 4.2 CPR, serious delinquencies ~50 bps, weighted average note rate 3.3% (lowest among top-20 agency MSR holders). Ranked as the second-largest buyer of conventional MSR (by transfers) and fifth-largest nonbank conventional servicer.
Net Interest and Funding Improvements
Average repo rate improved by ~30 bps to ~3.9%; reported earning repo rate ~3.87%. Net interest margin improved 2 bps to 1.71% with net interest spread remaining strong at 1.42% (modest decline).
Operational Efficiency
Maintained a low efficiency ratio of 1.29% (fell 2 bps QoQ), among the lowest in the mortgage REIT sector while operating three fully scaled businesses.
Market Position & Platform Advantages
Onslow Bay remains the largest non-bank securitizer of Residential Credit; OBX platform and correspondent channel produced high-quality proprietary assets. Company highlighted ability to dynamically allocate capital and historically delivered double-digit annualized economic return over the last three years with lower leverage versus peers.
QTD Book Value Recovery
Management reported quarter-to-date economic book value was up ~4% (inclusive of accrued dividend) during the April trading period following Q1 volatility.
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 |
|---|---|---|---|
Apr 21, 2026 | $22.60 | $22.63 | +0.13% |
Jan 28, 2026 | $23.45 | $23.21 | -1.03% |
Oct 22, 2025 | $19.97 | $19.59 | -1.92% |
Jul 23, 2025 | $18.53 | $18.63 | +0.54% |
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 Inc (NLY) report earnings?
Annaly Capital Management Inc (NLY) is schdueled to report earning on Jul 29, 2026, After Close (Confirmed).
What is Annaly Capital Management Inc (NLY) earnings time?
Annaly Capital Management Inc (NLY) earnings time is at Jul 29, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
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What companies are reporting earnings today?
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What is NLY EPS forecast?
NLY EPS forecast for the fiscal quarter 2026 (Q2) is 0.75.