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Dec 31, 2025
Annaly Q4 2025 Earnings Report
Annaly reported strong Q4 results with solid GAAP earnings and a healthy economic return driven by its Agency MBS portfolio.
Key Takeaways
Annaly Capital delivered strong performance in Q4 2025, reporting $1.40 in GAAP EPS and $0.74 in earnings available for distribution. Net interest margins expanded, and economic return reached 8.6% as the firm grew its Agency MBS portfolio while maintaining disciplined leverage.
GAAP net income available to common stockholders was $971 million in Q4.
Earnings available for distribution reached $510.8 million.
Net interest margin rose to 1.18%, with a net interest spread of 0.93%.
Book value per share increased to $20.21, reflecting portfolio strength.
Revenue by Segment
Forward Guidance
Annaly expects continued portfolio growth supported by favorable interest rate dynamics and strong liquidity, though remains cautious on macro risks.
Positive Outlook
- Strong capital deployment capacity going into 2026
- Favorable carry profile from Treasury futures and interest rate swaps
- Record production in Residential Credit segment
- Expanded MSR portfolio with low note rates
- Solid liquidity position with $9.4B in financing assets
Challenges Ahead
- Interest rate volatility may affect MBS valuations
- Spread tightening may reduce future returns
- Macro uncertainty around credit markets
- Potential impact from regulatory changes
- Competition in the MSR acquisition space may increase costs
Historical Earnings Impact
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Avg. Return Before/After Earnings
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