📈 Price History

Ratio Health

— Excellent

— Good

— Average

— Poor

By Category

📊 Sector Averages

About

Annaly Capital Management, Inc., a diversified capital manager, engages in the residential mortgage finance business.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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📊 Quick Scorecard

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⭐ Superinvestors Holding NLY

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Manager	Shares	Value	% of Fund	Period
Jim Simons Renaissance Technologies LLC	448.2K	$9.5M	0.01%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 4 quarters analysed

Q2 2025

Confident Specific

Management used specific metrics (0.7% economic return, $0.73 EAD, 5.41% portfolio yield, 1.47% NIS) and repeated 'out-earning the dividend' and 'seven consecutive quarters of positive economic return'. They provided detailed portfolio breakdowns, explicit hedge allocations (60/40 swaps/Treasuries), and clear forward guidance on rate cuts and spread tightening.

Q3 2025

Confident Specific

Management uses precise performance metrics (8.1% economic return, $0.73 EAD, 4.3% book value increase) and describes positive outcomes across all three business lines without hedging or deflecting.

Q4 2025

Confident Specific

Management used precise figures (e.g., 8.6% economic return for Q4, 20.2% for full year), cited specific portfolio metrics (e.g., $93B agency, $8B residential credit, $3.8B MSR), and gave explicit forward-looking allocations (50% agency, 30% RESI, 20% MSR target). Language like 'well-positioned', 'confident' and 'expect to out-earn' reinforces assuredness.

Q1 2026 latest

Confident Specific

Management consistently used specific numeric achievements (economic return of 1.5%, EAD per share of $0.76, leverage at 5.7 turns) and provided detailed segment performance, with no hedging or defensive language.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis appears stronger after this call. Annaly demonstrated resilience by generating a positive economic return despite a 1.9% book value decline, proving the diversified model's ability to dynamically allocate capital (pivoting from agency to resi credit/MSR) during periods of asset-specific tightness. The residential credit business posted record securitization volumes, and MSR acquisitions continue to scale with attractive note rates and yields. However, the book value per share decreased and the macro outlook remains uncertain due to geopolitical risks (Iran war) and interest rate volatility. The stock trading at a premium to book indicates market confidence. Key to watch next quarter: continued execution of capital allocation toward higher-yielding credit and MSR, the evolution of agency spreads amid supportive technicals, and the impact of inflation/consumer stress on non-QM loan performance.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Confident Specific → Stable 4 quarters Full tone analysis in Intelligence →

📊 MIXED Annaly Q1 2026: 1.5% economic return, $0.76 EAD, 5.7x leverage

Revenue & Profitability

Annaly reported a Q1 2026 economic return of 1.5% and book value per share of $19.82, down 1.9% from prior quarter. Earnings available for distribution (EAD) was $0.76 per share, exceeding the $0.70 dividend. Net interest margin improved to 1.71%, net interest spread was 1.42%, and the efficiency ratio was 1.29%. Weighted average repo rate ended at 3.87%, down 15 bps.

Outlook

Management sees a constructive market and housing finance backdrop, with Agency technicals described as the most favorable since the end of QE. Key tailwinds include strong fixed-income fund flows, bank capital rule changes that encourage loan retention, and continued GSE purchase mandate. Headwinds include the Iran war causing an energy price shock, higher inflation, and consumer affordability constraints.

Growth Drivers

Residential credit grew strongly: $6.7 billion in whole loans acquired (80% via correspondent), $7.4 billion lock volume (16% QoQ, 41% YoY), and eight OBX securitizations totaling $4.7 billion. MSR committed $24 billion UPB ($388 million market value) across bulk and flow channels, with flow partners tripling quarter-over-quarter. Agency benefits from GSE purchases and bank capital rule tailwinds.

Balance Sheet & CapEx

Not discussed in this earnings call.

Margins

Net interest margin improved 2 bps to 1.71%, and net interest spread declined modestly to 1.42%. The efficiency ratio improved to 1.29%, remaining among the lowest in the mortgage REIT sector despite operating three fully scaled businesses. Cost of funds declined due to lower repo and swap rates.

Key Risks

Key risks highlighted include the geopolitical impact of the Iran war, which introduces an energy price shock that may challenge the U.S. economy. Higher inflation and interest rates are pressuring consumer affordability and could reduce housing demand. Rate volatility and spread widening in Agency MBS could negatively impact book value.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-07-22

Q2 2026 saw a 5.5% economic return, book value growth, and EAD exceeding the dividend for the ninth straight quarter. Agency, Residential Credit, and MSR segments all contributed, with capital allocation and risk management supporting strong performance.

Q1 2026 Q1 2026 2026-04-22

Economic return reached 1.5% in Q1 2026, with capital allocation shifting toward residential credit and MSR. Book value per share declined 1.9%, but EAD per share rose to $0.76, exceeding the dividend. Agency, residential credit, and MSR segments all contributed to resilient performance.

Q4 2025 Q4 2025 2026-01-29

Economic return reached 8.6% in Q4 and 20% for 2025, with all segments showing double-digit growth and strong liquidity. Capital allocation is shifting toward residential credit and MSR, while risk monitoring focuses on policy and market volatility.

Q3 2025 Q3 2025 2025-10-23

Q3 2025 saw an 8.1% economic return, 4.3% book value growth, and strong EAD per share, with all segments contributing positively. Capital was deployed into agency, residential credit, and MSR, while risk and leverage remained conservative amid macro uncertainty.

Q2 2025 Q2 2025 2025-07-24

Q2 2025 saw a 0.7% economic return and a 3.7% YTD return, with earnings available for distribution per share rising to $0.73, outpacing the dividend. Agency MBS and residential credit portfolios grew, leverage increased to 5.8x, and funding sources were further diversified.

📊 Analysis Methodology

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