Annaly Capital Management announced its third‑quarter 2025 results today, reporting an 8.1% economic return for the quarter and an 11.5% return for the first nine months of the year. The company’s earnings per share rose to $1.21, while the book value per common share increased to $19.25. The earnings available for distribution (EAD) remained at $0.73 per share, matching the previous quarter and exceeding the dividend paid.
Financial highlights for the quarter include a GAAP net income of $1.21 per share, a net interest margin of 0.97%, and an average yield on interest‑earning assets of 5.40%. Non‑GAAP metrics show an EAD return on average equity of 14.70% and a net interest spread of 1.50% (excluding PAA). The company’s leverage ratio stayed at 7.1:1, and its economic leverage was 5.7:1.
Portfolio composition for the quarter was diversified across three segments: Agency assets totaled $4.0 billion in TBA purchase contracts, Residential Credit assets were $29.5 billion (excluding assets transferred to securitization vehicles), and Mortgage Servicing Rights (MSR) assets were $3.48 billion. Annaly deployed the majority of the capital raised during the quarter into its Agency MBS portfolio, while also expanding its MSR subservicing network and growing its Residential Credit loan lock, funding, and securitization volumes.
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