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Jun 30, 2025
Annaly Q2 2025 Earnings Report
Annaly posted modest earnings in Q2 2025 with stable book value and increased agency portfolio.
Key Takeaways
Annaly Capital Management reported a GAAP net income of $19.8 million, supported by stable earnings available for distribution and increased agency portfolio investments.
GAAP net income of $0.03 per share; EAD at $0.73 per share
Book value per common share at $18.45
Agency portfolio grew to $71.8 billion, a 6% increase
Net interest margin improved to 1.04% from 0.87% QoQ
Revenue by Segment
Forward Guidance
Annaly expects continued strong performance from its diversified mortgage portfolio, with stable returns and prudent leverage management.
Positive Outlook
- Stable book value expected to support capital allocation
- Agency portfolio expansion likely to continue
- Strong residential credit origination momentum
- MSR portfolio to generate solid cash flow
- Defensive hedge positioning to mitigate rate volatility
Challenges Ahead
- Potential pressure from rising long-end Treasury yields
- Economic leverage remains elevated
- Residential credit market subject to macro uncertainties
- Higher cost of interest-bearing liabilities may persist
- Volatility in securitization markets could impact spreads
Historical Earnings Impact
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Avg. Return Before/After Earnings
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