Annaly Reports Doubled Net Income & EPS for 2025, Raises $2.6B in Equity

summarizeSummary

Annaly Capital Management reported significantly improved financial results for 2025, with net income and EPS more than doubling year-over-year, driven by a favorable market environment and strategic portfolio growth. The company also raised substantial capital through an at-the-market common stock offering and preferred stock issuance.

check_boxKey Events · Earnings and Guidance · NLY

• Strong Financial Performance

  Net income attributable to Annaly more than doubled to $2.03 billion, and diluted EPS rose to $2.92 for the year ended December 31, 2025, compared to $1.00 billion and $1.62 respectively in 2024.

• Substantial Capital Raise

  The company issued 127.9 million common shares through an at-the-market (ATM) program, raising $2.6 billion (net of commissions and fees), and issued 11 million shares of Series J preferred stock for $275 million (gross) in 2025.

• Significant Portfolio Growth

  The investment portfolio increased by $33.86 billion to $132.05 billion at year-end 2025, reflecting strategic growth in Agency MBS, residential credit, and mortgage servicing rights (MSR) segments.

• New Share Repurchase Authorizations

  The Board authorized new repurchase programs for up to $1.5 billion of common stock and approximately $1.6 billion of preferred stock, replacing expired programs, though no shares were repurchased in 2025.

auto_awesomeAnalysis · NLY · Real Estate & Construction

Annaly Capital Management's 2025 annual report showcases a period of strong financial recovery and strategic expansion. The significant increase in net income and EPS, coupled with a robust return on average equity, demonstrates effective management in a favorable interest rate environment. The substantial capital raised through the at-the-market common stock offering, while dilutive, provides the company with significant resources for continued investment and growth across its diversified mortgage finance strategies. The authorization of new share repurchase programs signals ongoing commitment to capital management. Investors should note the successful execution of its investment strategy, particularly in Agency MBS, residential credit, and MSR, which contributed to the overall positive performance. The detailed financial disclosures and positive outlook on the business environment reinforce a strong operational year.