Q1 2025 Annaly Capital Management Inc Earnings Call Transcript

May 01, 2025 / 01:00PM GMT

Release Date Price: €17.14

Transcript 10-Q8-K

Key Points

Positve

Annaly Capital Management Inc (NLY) delivered a 3% economic return during the first quarter.
The company increased its common stock dividend to $0.70 per share, highlighting earnings momentum.
Annaly Capital Management Inc (NLY) maintained a disciplined approach to interest rate exposure, enhancing liquidity to $7.5 billion in total assets available for financing.
The MSR portfolio remained stable with low note rates and delinquency attributes, contributing to strong returns.
The OBX securitization platform closed six transactions in Q1, reflecting the programmatic nature of the platform and strong investor demand.

Negative

The macro environment remains uncertain with elevated volatility, impacting economic growth and financial asset stability.
Interest rate volatility and widening agency MBS spreads present challenges for the company's portfolio.
The housing market shows signs of regional disparity, with some areas experiencing a modest reversal in home price appreciation trends.
Economic leverage increased modestly to 5.7 turns, though it remains at the low end of the historical range.
Book value per share experienced a modest decline of less than 1% quarter over quarter.

Operator

Good morning and welcome to the first quarter 2025 earnings call for Annaly Capital Management. All participants will be in listen-only mode. (Operator Instructions) I would now like to turn the conference over to Sean Kensil of Investor Relations.

Sean Kensil

Annaly Capital Management Inc - Director, Investor Relations

Good morning and welcome to the first quarter 2025 earnings call for Annaly Capital Management. Any forward-looking statements made during today's call are subject to certain risks and uncertainties, which are outlined in the risk factor section in our most recent annual and quarterly SEC filings.

Actual events and results may differ materially from these forward-looking statements. We encourage you to read the disclaimer in our earnings release in addition to our quarterly and annual filing.

Additionally, the content of this conference call may contain time-sensitive information that is accurate only as of the date hereof. We do not undertake and specifically disclaim any obligation to update or revise this information.

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