NLY · Annaly Capital Management, Inc.

Annaly Capital Management reported mixed first quarter 2026 results, with GAAP net income per share declining significantly to $0.33 from $1.40 in the prior quarter, while the company's non-GAAP earnings available for distribution per share improved slightly to $0.76 from $0.74. The GAAP net income decline was driven by lower total investment income relative to the prior quarter, though net interest income showed improvement to $452.7 million from $366.6 million. The company's investment portfolio grew to $134.06 billion, with agency mortgage-backed securities remaining the largest component at $86.38 billion. Book value per common share decreased to $19.82 from $20.21, while leverage increased slightly to 7.3x GAAP leverage. The company maintained its quarterly dividend of $0.70 per common share. Key portfolio metrics showed the weighted average experienced CPR for the period was 10.2%, up from 9.7% in the prior quarter, while the weighted average projected long-term CPR at period-end was 10.4%, down from 10.8%. The financial supplement contains forward-looking statements regarding the company's future performance, macro outlook, interest rate environment, and various risk factors that could affect actual results.