Annaly Q1 2020 Earnings Report
Key Takeaways
Annaly Capital Management reported a GAAP net loss of $2.57 per average common share, but core earnings (excluding PAA) were $0.21 per average common share. The company actively managed its portfolio to reduce leverage, with total assets of $99.3 billion. Annaly also announced that it will acquire its external manager and transition to an internally-managed REIT.
GAAP net loss of ($2.57) per average common share for the quarter
Core earnings (excluding PAA) of $0.21 per average common share for the quarter
Actively managed portfolio size to reduce leverage with total assets of $99.3 billion
Announced Annaly will acquire its external manager, Annaly Management Company LLC, and transition to an internally-managed REIT
Annaly
Annaly
Forward Guidance
Annaly is cautiously optimistic due to the meaningful tailwinds in the mortgage market and is prepared to capitalize on upcoming investment prospects.
Positive Outlook
- Annaly performed well through one of the most challenging and unique operating environments in our Company's history.
- The breadth and flexibility in our investments and financing positioned us to successfully navigate the market uncertainty
- We continue to benefit from the size of our capital base and strength of our business model.
- We took significant, measured steps to fortify our balance sheet and liquidity to position ourselves for the remainder of the year.
- We are encouraged by the meaningful tailwinds in the mortgage market and are poised to take advantage of upcoming investment opportunities.
Challenges Ahead
- Our thoughts go out to all those affected by COVID-19.
- The health and well-being of our staff and our community remains our first priority
- In light of extreme volatility
- While we continue to be cautious
- Challenging time