Q4 2025 Annaly Capital Management Inc Earnings Call Transcript

Jan 29, 2026 / 02:00 PM GMT

Release Date Price: €19.99 (-1.34%)

Transcript 10-K8-K

Key Points

Positve

Annaly Capital Management Inc (NLY) reported an economic return of 8.6% for the fourth quarter and over 20% for the full year 2025, demonstrating strong performance.
The company successfully raised $560 million of common equity in Q4, contributing to a total of $2.9 billion in equity raised in 2025.
Annaly Capital Management Inc (NLY) achieved a total shareholder return of 40% for the year, highlighting the effectiveness of its diversified housing finance strategies.
The agency portfolio grew by nearly $6 billion in Q4 and $22 billion over the year, with agency MBS representing 62% of the firm's capital.
The company maintained a conservative leverage profile, with economic leverage decreasing modestly to 5.6 turns in the quarter.

Negative

The labor market remains soft, with hiring slowing further into Q4, which could impact future economic conditions.
Despite strong performance, the company faces potential risks from macroeconomic factors such as global fiscal instability and asset market euphoria.
The MSR portfolio, while growing, faces challenges from potential policy changes that could impact prepayment environments.
The company noted that the valuation on low coupon MS is quite tight, indicating limited attractiveness in that segment.
Annaly Capital Management Inc (NLY) faces uncertainty regarding the potential impact of GSE portfolio caps and their influence on market dynamics.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

NLY.N - Annaly Capital Management Inc
Q4 2025 Annaly Capital Management Inc Earnings Call
Jan 29, 2026 / 02:00PM GMT

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Presentation
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Unidentified_1 [1]
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Good morning

And welcome to the 4th quarter of 2025 earnings call for Annalee Capital Management.

All participants will be in listen-only mode.

Should you need assistance, please signal a conference list by pressing then 0 on your telephone keypad.

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Please note today's event is being recorded.

I would now like to turn the conference over to Sean Kentzel, director of Investment relations.

Please go ahead.

Good morning and welcome

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