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Mar 31, 2021
Annaly Q1 2021 Earnings Report
Announced its financial results, demonstrating strong underlying performance and proactive portfolio management, enabling book value growth despite a rapid sell-off in rates.
Key Takeaways
Annaly Capital Management reported a strong start to the year with GAAP net income of $1.23 per average common share. The company also announced an agreement to sell its Commercial Real Estate business for $2.33 billion to focus on its core residential mortgage finance business.
GAAP net income of $1.23 per average common share for the quarter, up from $0.60 in the prior quarter
Core earnings (excluding PAA) of $0.29 per average common share for the quarter
Economic return and tangible economic return of 2.8% and 3.6%, respectively, for the first quarter
Book value per common share of $8.95, up $0.03 quarter-over-quarter
Forward Guidance
Annaly is well-positioned to create value for shareholders throughout the remainder of the year, with relatively low leverage and substantial liquidity.
Positive Outlook
- Constructive on the outlook for Agency MBS given ongoing support from the Federal Reserve.
- Robust demand from banks and other investors.
- Sustained low financing costs
- A moderating prepay environment.
- Credit assets should benefit from the strengthening economy.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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