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Annaly Capital Management, Inc.

Q2 FY26Mortgage Real Estate Investment Trusts (REITs)

Annaly Capital Management, Inc. Q2 FY26 Results — Earnings Call Analysis

Q2 FY26 earnings call: what management said on revenue, margins and capex.

Price₹22

Market cap₹15.8K Cr

P/E7.0

Updated29 May 2026

Read4 min read

What the Q2 FY26 call signalled

2 of 3 strong

MarginMargins steady

FundraiseFundraise planned

Order bookOrder book rising

The short version

- Residential Credit showed strong growth with over 60% year-over-year increase in Q1, driven by whole loan correspondent business ramp-up and resilient non-agency market activity (Page 10). - Q1 2026 economic return was 1.5% with book value per share down 1.9%, reflecting market volatility.

From Annaly Capital Management, Inc.'s Q2 FY26 earnings-call transcript · updated 29 May 2026.

Revenue & Sales Performance

Residential Credit showed strong growth with over 60% year-over-year increase in Q1, driven by whole loan correspondent business ramp-up and resilient non-agency market activity (Page 10).
The company priced 8 deals and settled $4.7 billion in securitizations during Q1, with 12 deals priced to date, indicating robust deal flow and market liquidity (Page 10).
Agency sector is considered investable with strong technical support, but capital deployment will be methodical and selective (Page 7).
The firm raised approximately $510 million of common equity in Q1, primarily deployed to Residential Credit and MSRs, reflecting a strategic growth tilt toward higher-return segments (Page 2).

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Profitability & Margins

Q1 2026 economic return was 1.5% with book value per share down 1.9%, reflecting market volatility.
Earnings available for distribution (EAD) per share increased $0.02 to $0.76, exceeding the quarterly dividend.
Capital allocation shifted towards Residential Credit and MSRs due to tightening in Agency spreads, with a long-term target of 50% Agency, 30% Resi Credit, 20% MSRs.
Market improvements and strategic capital deployment are expected to sustain or improve returns.
Q1 activity included raising approximately $510 million through ATM, primarily deployed in Residential Credit and MSRs.

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Capital Expenditure Plans

Strategic capital allocation and investment highlights include: - Raised approximately $510 million of common equity through ATM in Q1, primarily deployed to Residential Credit and MSR strategies. - Long-term capital allocation target remains approximately 50% Agency, 30% Residential Credit, and 20% MSRs. - Expanded Residential Credit portfolio by $2.3 billion in Q1 through investments in third-party securities, whole loans, and OBX securities, targeting mid to high teens returns.

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Fundraising & Capital Structure

Annaly raised approximately $510 million of common equity through their ATM program in Q1 2026.
The majority of this capital raise was deployed in residential credit and MSR strategies due to attractive valuations in those areas.
On a go-forward basis, Annaly is open to methodically raising capital and investing in Agency MBS.

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Order Book & Pipeline

Order book rising

Residential Credit locked volume was strong at $7.4 billion in Q1, a 16% increase quarter-over-quarter and 41% year-over-year.
Residential Credit securitization gross issuance was $79 billion in Q1, a 63% increase year-over-year.
Onslow Bay currently holds the largest position as a non-bank securitizer in Residential Credit and remains well positioned for market growth.
Quarter-end locked pipeline for Residential Credit reflects strong credit quality with a weighted average FICO of 764 and 67% combined LTV, with less than 2% over 80 LTV.
$4.7 billion settled in 8 securitizations in Q1; 12 deals priced year-to-date totaling $6.6 billion, with 4 deals priced after quarter-end.

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Others in Mortgage Real Estate Investment Trusts (REITs) this season

AGNC Investment Corp. (Q2 FY26)
AGNC Investment Corp. Q2 FY26 quarterly results analysis. Portfolio growth in Q1 was $1.7 billion, focused on lower coupon specified pools. Market Cap $12,111,

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Frequently Asked Questions

What were Annaly Capital Management, Inc. Q2 FY26 results?

- Residential Credit showed strong growth with over 60% year-over-year increase in Q1, driven by whole loan correspondent business ramp-up and resilient non-agency market activity (Page 10). - Q1 2026 economic return was 1.5% with book value per share down 1.9%, reflecting market volatility.

What is Annaly Capital Management, Inc. share price analysis?

Annaly Capital Management, Inc. currently shows a neutral. The stock trades at a P/E of 7.0 with a market cap of $15,822. Investors should review the full earnings analysis for detailed insights.

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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.