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Mar 31
Annaly Q1 2025 Earnings Report
Annaly reported a GAAP net income of $87 million and a 3% economic return in Q1 2025.
Key Takeaways
Annaly Capital delivered stable earnings for Q1 2025, supported by a resilient agency portfolio and increased dividend payouts, while maintaining a defensive position amid market volatility.
GAAP EPS was $0.15; non-GAAP EPS (EAD) remained strong at $0.72
Net income attributable to common stockholders was $87,067,000
Raised dividend to $0.70 per common share
Maintained a 95% hedge ratio to navigate market uncertainty
Annaly
Annaly
Annaly Revenue by Segment
Revenue by Segment
Agency MBS Revenue
CapyFin.comCRT Securities Revenue
CapyFin.comNon-Agency MBS Revenue
CapyFin.comCMBS Revenue
CapyFin.com Forward Guidance
Management emphasized preparedness for heightened interest rate volatility and reaffirmed the ability to generate attractive returns through a diversified housing finance portfolio.
Positive Outlook
- Strong balance sheet entering the year with lowest leverage in a decade
- Resilient performance across all three business lines
- Ongoing investment in intermediate and high-coupon MBS
- Raised $496M in accretive equity capital
- Continued high hedge ratio at 95%
Challenges Ahead
- Rising interest rate volatility post-quarter-end
- Spread widening in MBS market
- Residential Credit portfolio saw a decrease
- GAAP EPS down from prior quarter
- Challenging macro environment continues to weigh on securitization markets