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Sep 30, 2025
Annaly Q3 2025 Earnings Report
Annaly reported strong Q3 2025 results with significant gains in net income and an 8.1% economic return.
Key Takeaways
Annaly Capital Management posted $1.21 EPS and a net income of over $791M in Q3 2025, driven by strong investment performance across its Agency and Residential Credit portfolios, and disciplined capital deployment.
GAAP EPS was $1.21, while Earnings Available for Distribution (EAD) was $0.73 per share.
Net income available to common stockholders reached $791.3M, up sharply from $24.8M in Q3 2024.
Economic return for the quarter was 8.1%, with a 10% increase in the Agency portfolio.
Economic leverage declined to 5.7x and capital ratio improved to 14.8%.
Revenue by Segment
Forward Guidance
Annaly remains optimistic amid declining volatility, strong fixed income flows, and expected Fed rate cuts. However, it is cautious about macroeconomic risks.
Positive Outlook
- Strong performance across all investment strategies
- 8.1% economic return for Q3 2025
- Growth in Agency and Residential Credit portfolios
- Improved book value to $19.25 per share
- Capital deployment focused on higher-coupon, protected securities
Challenges Ahead
- Tight spreads may reduce reinvestment yield potential
- Macroeconomic risks remain on the horizon
- Potential impact from changing prepayment speeds
- Sensitivity to Federal Reserve policy adjustments
- Higher funding costs could pressure interest margins
Historical Earnings Impact
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Avg. Return Before/After Earnings
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