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EarningsQ2 2026 Earnings Report
NLY Q2 2026 EPS Results
Actual EPS$0.79
Consensus EPS$0.75
Beat/MissBeat by +$0.04
One Year Ago EPS$0.73
NLY Q2 2026 Revenue Results
Actual Revenue$2.41B
Expected Revenue$639.80M
Beat/MissBeat by +$1.77B
YoY Revenue Growth+34.92%
Earnings Announcement Details
QuarterQ2 2026
Date07/21/2026
TimeAfter Close
Conference CallTuesday, July 21, 2026
NLY Upcoming Earnings
Annaly Capital's next earnings date is estimated for October 20, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
NLY Q2 2026 Earnings Call
0:00 / 0:00
Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed a predominantly positive operational and financial performance backdrop: strong economic returns (5.5% quarterly), EAD that exceeded the increased dividend, book value growth, record residential credit acquisitions, leadership in non-QM securitizations, and ample liquidity and conservative leverage. Management also raised equity selectively and deployed capital across agency, residential credit and MSR with demonstrable scale gains. Principal risks cited were macro and geopolitical uncertainty, potential rate moves by the Fed, moderate mark-to-market sensitivity, lower swap income from SOFR declines, and a temporary rise in operating expenses. On balance, the highlights (growth, record deal activity, solid returns, liquidity and conservative leverage) materially outweigh the lowlights.Company Guidance
Strong Quarterly Economic Return
Delivered a 5.5% economic return for Q2 2026 and 6.9% for the first half of 2026, supported by elevated portfolio yields, tighter mortgage spreads and favorable hedge performance.
Earnings and Dividend Coverage
Earnings available for distribution (non-GAAP EAD) increased $0.03 to $0.79 per share, exceeding the newly increased quarterly common dividend of $0.75 per share — the 9th consecutive quarter EAD has exceeded the dividend.
Book Value Growth
Book value per share increased 1.7% quarter-over-quarter to $20.15, aided by portfolio performance and positive economic returns.
Capital Raised and Conservative Leverage
Raised roughly $450 million of equity through the ATM program in the quarter while maintaining conservative economic leverage of 5.6x (down from 5.7x prior quarter).
Agency Portfolio Expansion and Positioning
Agency portfolio grew roughly $3 billion to $95 billion market value, increasing allocation to agency to 57%; tactically rotated up in coupon (reduced 4s, increased 5.5s/6s) and invested in production-coupon MBS and agency CMBS.
Residential Credit Scale and Record Acquisitions
Residential credit portfolio ended the quarter at $10.4 billion market value (22% of capital). Annaly acquired $7.1 billion of loans in Q2 — a new quarterly record — and Onslow Bay correspondent channel reported $700 million of locks and $5.1 billion of fundings.
Securitization Leadership and Deal Activity
Closed 13 securitization deals in Q2 totaling $6.8 billion in principal balance, creating approximately $780 million of proprietary investments; year-to-date executed 25 transactions totaling $14.2 billion and securitization issuance in the private-label market is >$150 billion YTD (≈+50% YoY).
OBX and Non-Agency Milestones
OBX securitization platform closed the first $1 billion new-origination non-QM transaction and shortly thereafter priced a second ~$1B transaction, demonstrating market leadership and scale in non-agency issuance.
MSR Portfolio Stability and Fundamentals
MSR portfolio roughly unchanged at $4.1 billion market value (21% of capital); Q2 CPR 5.2% (seasonal increase), serious delinquencies ~50 bps, weighted average note rate 3.3% (lowest among top 20 MSR holders), and MSR multiple increased marginally to 5.97.
Improving Funding and Interest Metrics
Average repo rate declined ~6 bps to 3.4% during the quarter and reported ending repo rate decreased 2 bps to 3.85%; net interest margin increased 5 bps to 1.76% and net interest spread improved 8 bps to 1.50%.
Strong Liquidity and Financing Optionality
Ended quarter with $8.0 billion in unencumbered assets (including $5.5 billion cash and unencumbered agency MBS) and approximately $9.6 billion of total assets available for financing (up ≈$580 million QoQ), representing ~57% of the capital base.
Demonstrated Capital-Efficient Growth
Since resuming capital raises in Q3 2024, Annaly raised $5.4 billion, allocated ~$2.6 billion to residential credit and MSR, generated nearly $280 million of accretion and reported ~33% cumulative economic return and 53% TSR over eight quarters.
NLY Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed