Q2 2025 Annaly Capital Management Inc Earnings Call Transcript
Key Points
- Annaly Capital Management Inc (NLY) delivered a positive economic return of 0.7% for the second quarter, marking the seventh consecutive quarter of positive economic returns.
- The company generated earnings available for distribution of $0.73 per share, exceeding the dividend of $0.70 per share.
- Annaly Capital Management Inc (NLY) raised over $750 million of accretive capital in the second quarter, predominantly deployed in the agency sector.
- The company's residential credit business demonstrated resilience with a record issuance of $7.6 billion across 15 transactions year-to-date.
- Annaly Capital Management Inc (NLY) maintains a strong liquidity position with approximately $7.4 billion in assets available for financing.
- The book value per share decreased by 3% from the prior quarter to $18.45.
- The housing market is experiencing challenges with affordability due to elevated mortgage rates, high home prices, and increased property taxes and insurance premiums.
- Agency MBS spreads widened by 5 to 10 basis points during the quarter due to muted demand from overseas and the bank community.
- The company's leverage increased modestly to 5.8 turns due to increased allocation to the agency sector.
- The macroeconomic environment remains uncertain with trade-related volatility and potential impacts from tariffs on inflation.
Good day, and welcome to the Q2 2025 Annaly Capital Management Earnings Conference Call. (Operator Instructions)Please note, this event is being recorded.
I would now like to turn the conference over to Sean Kensil, Director Investor Relations. Please go ahead.
Good morning, and welcome to the Second 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 Factors 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 filings. 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
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