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Annaly Capital Management (NLY) investor relations material
Annaly Capital Management Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary23 Oct, 2025
Executive summary
Achieved an economic return of 8.1% for Q3 2025 and 11.5% year to date, with earnings available for distribution of $0.73 per share and book value per share rising to $19.25.
Reported GAAP net income of $1.21 per share and declared a $0.70 dividend, out-earning the dividend for the fourth consecutive quarter.
Raised $1.1 billion in equity, including $823 million via ATM and $275 million in preferred stock, reopening the mortgage REIT preferred market.
All business segments—Agency MBS, Residential Credit, and MSR—grew, with most new capital deployed into MBS.
Maintained prudent leverage and enhanced liquidity, with economic leverage at 5.7x and $5.9 billion in cash and unencumbered Agency MBS.
Financial highlights
Net income for Q3 2025 was $843.1 million ($1.21 per share), with EAD of $0.73 per share and book value per share up to $19.25.
Net interest margin (excluding PAA) was 1.70%, and average yield on interest earning assets was 5.46%.
Economic leverage ratio was 5.7x, and GAAP leverage was 7.1x.
Total assets reached $125.9 billion, with $15.0 billion in total equity at quarter-end.
Annualized GAAP return on average equity was 23.69%; annualized EAD return on average equity was 14.70%.
Outlook and guidance
Management remains optimistic, expecting further Fed rate cuts, strong fixed income demand, and continued portfolio growth.
Agency MBS sector is compelling due to lower volatility and a steeper yield curve; residential credit and MSR businesses are positioned for growth.
Economic growth is expected to remain solid, with labor market softening but unemployment near full employment.
Plans to prudently grow the portfolio and broaden investment and operational capabilities.
What drove the Q3 GAAP net income surge?
Accretive capital deployment strategy
MSR growth and PennyMac partnership benefits
How does swap overweight impact Agency returns?
Non-QM refi responsiveness and retained returns?
Annaly's duration gap strategy and rate risk?
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Next Annaly Capital Management earnings date
Q4 202512 Feb, 2026
Next Annaly Capital Management earnings date
Q4 202512 Feb, 2026
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Frequently asked questions
Annaly Capital Management is a diversified capital manager that invests in and finances residential and commercial assets. They primarily own a variety of investments, including Agency RMBS, ARMs, non-Agency RMBS, CMBS and CMBS IO, residential whole loans, MSRs and other financial assets.
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