NEW YORK–(BUSINESS WIRE)–Annaly Capital Management, Inc. (NYSE: NLY) (“Annaly” or the “Company”) today announced its financial results for the quarter ended March 31, 2024.
Financial Highlights
- GAAP net income of $0.85 per average common share for the quarter
- Earnings available for distribution (“EAD”) of $0.64 per average common share for the quarter
- Economic return of 4.8% for the first quarter
- Book value per common share of $19.73
- GAAP leverage of 6.7x, down from 6.8x in the prior quarter; economic leverage of 5.6x, down from 5.7x in the prior quarter
- Declared quarterly common stock cash dividend of $0.65 per share
Business Highlights
Investment and Strategy
- Total portfolio of $73.5 billion, including $64.7 billion in highly liquid Agency portfolio(1)
-
Annaly’s Agency portfolio decreased modestly during the quarter, with portfolio activity focused on the continued rotation up in coupon through the addition of higher coupon, high-quality specified pools as well as a modest increase in TBA exposure
- Annaly’s Agency portfolio represents 59% of dedicated equity capital(2), down from 62% in the prior quarter
- Maintained conservative hedge position and continued to favor swaps over treasuries; hedge ratio decreased from 106% to 97% during the quarter as short-term hedges matured and new hedges were added further out the yield curve
-
Annaly’s Residential Credit portfolio increased 4% to $6.2 billion(1), representing 21% of dedicated equity capital(2)
- Continued record growth from the correspondent channel in the first quarter with quarterly lock volume of $3.7 billion and $2.4 billion of whole loans settled, up nearly 40% and 35% quarter-over-quarter, respectively
-
Annaly’s Mortgage Servicing Rights (“MSR”) portfolio ended the quarter with $2.7 billion(1) in assets, representing 20% of dedicated equity capital(2)
- Subsequent to quarter end, committed to adding a $117 million market value bulk package of low note rate MSR(3)
Financing and Capital
- $6.2 billion of total assets available for financing(4), including cash and unencumbered Agency MBS of $3.5 billion
- Average GAAP cost of interest bearing liabilities increased three basis points to 5.40% and average economic cost of interest bearing liabilities increased 36 basis points to 3.78% quarter-over-quarter
- Annaly Residential Credit Group added $300 million in credit facility capacity during the quarter; total warehouse capacity across both Annaly’s MSR and Residential Credit businesses of $3.9 billion, including $1.25 billion of committed capacity
- Weighted average days to maturity for repurchase agreements decreased to 43 days from 44 days in the prior quarter
-
Annaly Residential Credit Group priced eight whole loan securitizations totaling $3.8 billion since the beginning of 2024(5), representing record quarterly issuance for the OBX shelf
- Annaly remains the largest non-bank issuer and the second largest issuer overall of Prime Jumbo and Expanded Credit MBS since the beginning of 2024(6)
“We were pleased to generate a 4.8% economic return in the first quarter as each of our three investment strategies contributed to our book value appreciation, as well as generated stable earnings,” commented David Finkelstein, Annaly’s Chief Executive Officer and Chief Investment Officer. “Our core Agency MBS portfolio performed well as spreads were supported during the first quarter by lower volatility and an improved supply and demand picture. Our Residential Credit business continued to expand market share across the non-Agency sector with record lock and whole loan securitization volume and our MSR portfolio increased in value given the interest rate environment.
“Annaly remains prepared for elevated volatility, which we have seen materialize subsequent to quarter end, with a well-hedged portfolio, a responsible leverage and liquidity profile and a capital allocation that can perform throughout different interest rate and macro environments. Importantly, we continue to see attractive returns across our three investment strategies and are well-positioned for future opportunities where most attractive.”
| (1) |
Total portfolio represents Annaly’s investments that are on-balance sheet as well as investments that are off-balance sheet in which Annaly has economic exposure. Agency assets include TBA purchase contracts (market value) of $1.1 billion. Residential Credit assets exclude assets transferred or pledged to securitization vehicles of $15.6 billion, include $1.6 billion of retained securities that are eliminated in consolidation and $153.1 million of Non-Agency CMBS and are shown net of participations issued totaling $1.2 billion. |
|
| (2) |
Capital allocation for each of the investment strategies is calculated as the difference between each investment strategy’s allocated assets, which include TBA purchase contracts, and liabilities. Dedicated capital allocations as of March 31, 2024 include Non-Agency CMBS within Residential Credit. |
|
| (3) |
Represents the market value of a deal where Annaly has executed a letter of intent. There can be no assurance whether this deal will close or when it will close. |
|
| (4) |
Represents $5.3 billion of unencumbered assets, which represents Annaly’s excess liquidity and defined as assets that have not been pledged or securitized (generally including cash and cash equivalents, Agency MBS, CRT, Non-Agency MBS, residential mortgage loans, MSR, reverse repurchase agreements, other unencumbered financial assets and capital stock), and $0.9 billion of fair value of collateral pledged for future advances. |
|
| (5) |
Includes a $575 million whole loan securitization that closed in April 2024 and $441 million whole loan securitization that priced in April 2024. |
|
| (6) |
Issuer ranking data from Inside Nonconforming Markets for Q1 2024 (April 12, 2024 issue). |
|
Financial Performance
The following table summarizes certain key performance indicators as of and for the quarters ended March 31, 2024, December 31, 2023 and March 31, 2023:
|
|
March 31, 2024 |
|
December 31, 2023 |
|
March 31, 2023 |
||||||
|
Book value per common share |
$ |
19.73 |
|
|
$ |
19.44 |
|
|
$ |
20.77 |
|
|
GAAP net income (loss) per average common share (1) |
$ |
0.85 |
|
|
$ |
(0.88 |
) |
|
$ |
(1.79 |
) |
|
Annualized GAAP return (loss) on average equity (2) |
|
16.29 |
% |
|
|
(14.21 |
%) |
|
|
(28.84 |
%) |
|
GAAP leverage at period-end (3) |
6.7:1 |
|
6.8:1 |
|
5.9:1 |
||||||
|
Net interest margin (4) |
|
(0.03 |
%) |
|
|
(0.25 |
%) |
|
|
0.09 |
% |
|
Average yield on interest earning assets (5) |
|
4.88 |
% |
|
|
4.55 |
% |
|
|
3.96 |
% |
|
Average GAAP cost of interest bearing liabilities (6) |
|
5.40 |
% |
|
|
5.37 |
% |
|
|
4.52 |
% |
|
Net interest spread |
|
(0.52 |
%) |
|
|
(0.82 |
%) |
|
|
(0.56 |
%) |
|
Non-GAAP metrics * |
|
|
|
|
|
||||||
|
Earnings available for distribution per average common share (1) |
$ |
0.64 |
|
|
$ |
0.68 |
|
|
$ |
0.81 |
|
|
Annualized EAD return on average equity |
|
12.63 |
% |
|
|
13.76 |
% |
|
|
14.82 |
% |
|
Economic leverage at period-end (3) |
5.6:1 |
|
5.7:1 |
|
6.4:1 |
||||||
|
Net interest margin (excluding PAA) (4) |
|
1.43 |
% |
|
|
1.58 |
% |
|
|
1.76 |
% |
|
Average yield on interest earning assets (excluding PAA) (5) |
|
4.87 |
% |
|
|
4.64 |
% |
|
|
3.96 |
% |
|
Average economic cost of interest bearing liabilities (6) |
|
3.78 |
% |
|
|
3.42 |
% |
|
|
2.34 |
% |
|
Net interest spread (excluding PAA) |
|
1.09 |
% |
|
|
1.22 |
% |
|
|
1.62 |
% |
|
* |
Represents a non-GAAP financial measure. Please refer to the “Non-GAAP Financial Measures” section for additional information. |
|
| (1) |
Net of dividends on preferred stock. |
|
| (2) |
Annualized GAAP return (loss) on average equity annualizes realized and unrealized gains and (losses) which may not be indicative of full year performance, unannualized GAAP return (loss) on average equity is 4.07%, (3.55%), and (7.21%) for the quarters ended March 31, 2024, December 31, 2023, and March 31, 2023, respectively. |
|
| (3) |
GAAP leverage is computed as the sum of repurchase agreements, other secured financing, debt issued by securitization vehicles, participations issued, and U.S. Treasury securities sold, not yet purchased divided by total equity. Economic leverage is computed as the sum of recourse debt, cost basis of to-be-announced (“TBA”) and CMBX derivatives outstanding, and net forward purchases (sales) of investments divided by total equity. Recourse debt consists of repurchase agreements, other secured financing, and US Treasury securities, sold, not yet purchased. Debt issued by securitization vehicles and participations issued are non-recourse to the Company and are excluded from economic leverage. |
|
| (4) |
Net interest margin represents interest income less interest expense divided by average Interest Earning Assets. Net interest margin does not include net interest component of interest rate swaps. Net interest margin (excluding PAA) represents the sum of interest income (excluding PAA) plus TBA dollar roll income and CMBX coupon income less interest expense and the net interest component of interest rate swaps divided by the sum of average Interest Earning Assets plus average outstanding TBA contract and CMBX balances. PAA represents the cumulative impact on prior periods, but not the current period, of quarter-over-quarter changes in estimated long-term prepayment speeds related to the Company’s Agency mortgage-backed securities. |
|
| (5) |
Average yield on interest earning assets represents annualized interest income divided by average interest earning assets. Average interest earning assets reflects the average amortized cost of our investments during the period. Average yield on interest earning assets (excluding PAA) is calculated using annualized interest income (excluding PAA). |
|
| (6) |
Average GAAP cost of interest bearing liabilities represents annualized interest expense divided by average interest bearing liabilities. Average interest bearing liabilities reflects the average balances during the period. Average economic cost of interest bearing liabilities represents annualized economic interest expense divided by average interest bearing liabilities. Economic interest expense is comprised of GAAP interest expense and the net interest component of interest rate swaps. |
|
Other Information
This news release and our public documents to which we refer contain or incorporate by reference certain forward-looking statements which are based on various assumptions (some of which are beyond our control) and may be identified by reference to a future period or periods or by the use of forward-looking terminology, such as “may,” “will,” “believe,” “expect,” “anticipate,” “continue,” or similar terms or variations on those terms or the negative of those terms. Such statements include those relating to the Company’s future performance, macro outlook, the interest rate and credit environments, tax reform and future opportunities. Actual results could differ materially from those set forth in forward-looking statements due to a variety of factors, including, but not limited to, changes in interest rates; changes in the yield curve; changes in prepayment rates; the availability of mortgage-backed securities (“MBS”) and other securities for purchase; the availability of financing and, if available, the terms of any financing; changes in the market value of the Company’s assets; changes in business conditions and the general economy; the Company’s ability to grow its residential credit business; the Company’s ability to grow its mortgage servicing rights business; credit risks related to the Company’s investments in credit risk transfer securities and residential mortgage-backed securities and related residential mortgage credit assets; risks related to investments in mortgage servicing rights; the Company’s ability to consummate any contemplated investment opportunities; changes in government regulations or policy affecting the Company’s business; the Company’s ability to maintain its qualification as a REIT for U.S. federal income tax purposes; the Company’s ability to maintain its exemption from registration under the Investment Company Act of 1940; and operational risks or risk management failures by us or critical third parties, including cybersecurity incidents. For a discussion of the risks and uncertainties which could cause actual results to differ from those contained in the forward-looking statements, see “Risk Factors” in our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q. The Company does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions which may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements, except as required by law.
Annaly is a leading diversified capital manager with investment strategies across mortgage finance. Annaly’s principal business objective is to generate net income for distribution to its stockholders and to optimize its returns through prudent management of its diversified investment strategies. Annaly is internally managed and has elected to be taxed as a real estate investment trust, or REIT, for federal income tax purposes. Additional information on the company can be found at www.annaly.com.
We use our website (www.annaly.com) and LinkedIn account (www.linkedin.com/company/annaly-capital-management) as channels of distribution of company information. The information we post through these channels may be deemed material. Accordingly, investors should monitor these channels, in addition to following our press releases, SEC filings and public conference calls and webcasts. In addition, you may automatically receive email alerts and other information about Annaly when you enroll your email address by visiting the “Investors” section of our website, then clicking on “Investor Resources” and selecting “Email Alerts” to complete the email notification form. Our website, any alerts and social media channels are not incorporated by reference into, and are not a part of, this document.
The Company prepares an investor presentation and supplemental financial information for the benefit of its shareholders. Please refer to the investor presentation for definitions of both GAAP and non-GAAP measures used in this news release. Both the First Quarter 2024 Investor Presentation and the First Quarter 2024 Supplemental Information can be found at the Company’s website (www.annaly.com) in the “Investors” section under “Investor Presentations.”
Conference Call
The Company will hold the first quarter 2024 earnings conference call on April 25, 2024 at 9:00 a.m. Eastern Time. Participants are encouraged to pre-register for the conference call to receive a unique PIN to gain immediate access to the call and bypass the live operator. Pre-registration may be completed by accessing the pre-registration link found on the homepage or “Investors” section of the Company’s website at www.annaly.com, or by using the following link: https://dpregister.com/sreg/10187593/fc055a6491. Pre-registration may be completed at any time, including up to and after the call start time.
For participants who would like to join the call but have not pre-registered, access is available by dialing 844-735-3317 within the U.S., or 412-317-5703 internationally, and requesting the “Annaly Earnings Call.”
There will also be an audio webcast of the call on www.annaly.com. A replay of the call will be available for one week following the conference call. The replay number is 877-344-7529 for domestic calls and 412-317-0088 for international calls and the conference passcode is 6582139. If you would like to be added to the e-mail distribution list, please visit www.annaly.com, click on Investors, then select Email Alerts and complete the email notification form.
Financial Statements
|
ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (dollars in thousands, except per share data) |
|||||||||||||||||||
|
March 31, 2024 |
|
December 31, 2023 (1) |
|
September 30, |
|
June 30, |
|
March 31, |
|||||||||||
|
|
(unaudited) |
|
|
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
||||||||||
|
Assets |
|
|
|
|
|
|
|
|
|
||||||||||
|
Cash and cash equivalents |
$ |
1,665,370 |
|
|
$ |
1,412,148 |
|
|
$ |
1,241,122 |
|
|
$ |
1,236,872 |
|
|
$ |
1,794,173 |
|
|
Securities |
|
66,500,689 |
|
|
|
69,613,565 |
|
|
|
69,860,730 |
|
|
|
71,202,461 |
|
|
|
69,238,185 |
|
|
Loans, net |
|
2,717,823 |
|
|
|
2,353,084 |
|
|
|
1,793,140 |
|
|
|
1,154,320 |
|
|
|
1,642,822 |
|
|
Mortgage servicing rights |
|
2,651,279 |
|
|
|
2,122,196 |
|
|
|
2,234,813 |
|
|
|
2,018,896 |
|
|
|
1,790,980 |
|
|
Assets transferred or pledged to securitization vehicles |
|
15,614,750 |
|
|
|
13,307,622 |
|
|
|
11,450,346 |
|
|
|
11,318,419 |
|
|
|
10,277,588 |
|
|
Derivative assets |
|
203,799 |
|
|
|
162,557 |
|
|
|
549,833 |
|
|
|
457,119 |
|
|
|
400,139 |
|
|
Receivable for unsettled trades |
|
941,366 |
|
|
|
2,710,224 |
|
|
|
1,047,566 |
|
|
|
787,442 |
|
|
|
679,096 |
|
|
Principal and interest receivable |
|
867,348 |
|
|
|
1,222,705 |
|
|
|
1,158,648 |
|
|
|
944,537 |
|
|
|
773,722 |
|
|
Intangible assets, net |
|
11,433 |
|
|
|
12,106 |
|
|
|
12,778 |
|
|
|
15,163 |
|
|
|
15,921 |
|
|
Other assets |
|
309,689 |
|
|
|
311,029 |
|
|
|
299,447 |
|
|
|
195,248 |
|
|
|
219,391 |
|
|
Total assets |
$ |
91,483,546 |
|
|
$ |
93,227,236 |
|
|
$ |
89,648,423 |
|
|
$ |
89,330,477 |
|
|
$ |
86,832,017 |
|
|
Liabilities and stockholders’ equity |
|
|
|
|
|
|
|
|
|
||||||||||
|
Liabilities |
|
|
|
|
|
|
|
|
|
||||||||||
|
Repurchase agreements |
$ |
58,975,232 |
|
|
$ |
62,201,543 |
|
|
$ |
64,693,821 |
|
|
$ |
61,637,600 |
|
|
$ |
60,993,018 |
|
|
Other secured financing |
|
600,000 |
|
|
|
500,000 |
|
|
|
500,000 |
|
|
|
500,000 |
|
|
|
250,000 |
|
|
Debt issued by securitization vehicles |
|
13,690,967 |
|
|
|
11,600,338 |
|
|
|
9,983,847 |
|
|
|
9,789,282 |
|
|
|
8,805,911 |
|
|
Participations issued |
|
1,161,323 |
|
|
|
1,103,835 |
|
|
|
788,442 |
|
|
|
492,307 |
|
|
|
673,431 |
|
|
U.S. Treasury securities sold, not yet purchased |
|
2,077,404 |
|
|
|
2,132,751 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Derivative liabilities |
|
103,142 |
|
|
|
302,295 |
|
|
|
97,616 |
|
|
|
156,182 |
|
|
|
473,515 |
|
|
Payable for unsettled trades |
|
2,556,798 |
|
|
|
3,249,389 |
|
|
|
2,214,319 |
|
|
|
4,331,315 |
|
|
|
3,259,034 |
|
|
Interest payable |
|
350,405 |
|
|
|
287,937 |
|
|
|
198,084 |
|
|
|
140,620 |
|
|
|
118,395 |
|
|
Dividends payable |
|
325,286 |
|
|
|
325,052 |
|
|
|
321,629 |
|
|
|
321,031 |
|
|
|
321,023 |
|
|
Other liabilities |
|
146,876 |
|
|
|
179,005 |
|
|
|
173,608 |
|
|
|
74,795 |
|
|
|
28,657 |
|
|
Total liabilities |
|
79,987,433 |
|
|
|
81,882,145 |
|
|
|
78,971,366 |
|
|
|
77,443,132 |
|
|
|
74,922,984 |
|
|
Stockholders’ equity |
|
|
|
|
|
|
|
|
|
||||||||||
|
Preferred stock, par value $0.01 per share (2) |
|
1,536,569 |
|
|
|
1,536,569 |
|
|
|
1,536,569 |
|
|
|
1,536,569 |
|
|
|
1,536,569 |
|
|
Common stock, par value $0.01 per share (3) |
|
5,004 |
|
|
|
5,001 |
|
|
|
4,948 |
|
|
|
4,939 |
|
|
|
4,939 |
|
|
Additional paid-in capital |
|
23,673,687 |
|
|
|
23,672,391 |
|
|
|
23,572,996 |
|
|
|
23,550,346 |
|
|
|
23,543,091 |
|
|
Accumulated other comprehensive income (loss) |
|
(1,281,918 |
) |
|
|
(1,335,400 |
) |
|
|
(2,694,776 |
) |
|
|
(2,382,531 |
) |
|
|
(2,550,614 |
) |
|
Accumulated deficit |
|
(12,523,809 |
) |
|
|
(12,622,768 |
) |
|
|
(11,855,267 |
) |
|
|
(10,933,044 |
) |
|
|
(10,741,863 |
) |
|
Total stockholders’ equity |
|
11,409,533 |
|
|
|
11,255,793 |
|
|
|
10,564,470 |
|
|
|
11,776,279 |
|
|
|
11,792,122 |
|
|
Noncontrolling interests |
|
86,580 |
|
|
|
89,298 |
|
|
|
112,587 |
|
|
|
111,066 |
|
|
|
116,911 |
|
|
Total equity |
|
11,496,113 |
|
|
|
11,345,091 |
|
|
|
10,677,057 |
|
|
|
11,887,345 |
|
|
|
11,909,033 |
|
|
Total liabilities and equity |
$ |
91,483,546 |
|
|
$ |
93,227,236 |
|
|
$ |
89,648,423 |
|
|
$ |
89,330,477 |
|
|
$ |
86,832,017 |
|
|
|
|||||||||||||||||||
| (1) |
Derived from the audited consolidated financial statements at December 31, 2023. |
|
| (2) |
6.95% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock – Includes 28,800,000 shares authorized, issued and outstanding. 6.50% Series G Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock – Includes 17,000,000 shares authorized, issued and outstanding. 6.75% Series I Preferred Stock – Includes 17,700,000 shares authorized, issued and outstanding. |
|
| (3) |
Includes 1,468,250,000 shares authorized. Includes 500,440,023 shares issued and outstanding at March 31, 2024, 500,080,287 shares issued and outstanding at December 31, 2023, 494,814,038 shares issued and outstanding at September 30, 2023, 493,893,288 shares issued and outstanding at June 30, 2023, 493,880,938 shares issued and outstanding at March 31, 2023. |
|
|
ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (dollars in thousands, except per share data) (Unaudited) |
|||||||||||||||||||
|
|
For the quarters ended |
||||||||||||||||||
|
|
March 31, 2024 |
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
||||||||||
|
Net interest income |
|
|
|
|
|
|
|
|
|
||||||||||
|
Interest income |
$ |
1,094,488 |
|
|
$ |
990,352 |
|
|
$ |
1,001,485 |
|
|
$ |
921,494 |
|
|
$ |
818,250 |
|
|
Interest expense |
|
1,100,939 |
|
|
|
1,043,902 |
|
|
|
1,046,819 |
|
|
|
953,457 |
|
|
|
798,787 |
|
|
Net interest income |
|
(6,451 |
) |
|
|
(53,550 |
) |
|
|
(45,334 |
) |
|
|
(31,963 |
) |
|
|
19,463 |
|
|
Net servicing income |
|
|
|
|
|
|
|
|
|
||||||||||
|
Servicing and related income |
|
115,084 |
|
|
|
98,474 |
|
|
|
97,620 |
|
|
|
83,790 |
|
|
|
84,273 |
|
|
Servicing and related expense |
|
12,216 |
|
|
|
11,219 |
|
|
|
9,623 |
|
|
|
8,930 |
|
|
|
7,880 |
|
|
Net servicing income |
|
102,868 |
|
|
|
87,255 |
|
|
|
87,997 |
|
|
|
74,860 |
|
|
|
76,393 |
|
|
Other income (loss) |
|
|
|
|
|
|
|
|
|
||||||||||
|
Net gains (losses) on investments and other |
|
(994,127 |
) |
|
|
1,894,744 |
|
|
|
(2,713,126 |
) |
|
|
(1,308,948 |
) |
|
|
1,712 |
|
|
Net gains (losses) on derivatives |
|
1,377,144 |
|
|
|
(2,301,911 |
) |
|
|
2,127,430 |
|
|
|
1,475,325 |
|
|
|
(900,752 |
) |
|
Loan loss (provision) reversal |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
219 |
|
|
Other, net |
|
23,367 |
|
|
|
22,863 |
|
|
|
26,250 |
|
|
|
9,105 |
|
|
|
15,498 |
|
|
Total other income (loss) |
|
406,384 |
|
|
|
(384,304 |
) |
|
|
(559,446 |
) |
|
|
175,482 |
|
|
|
(883,323 |
) |
|
General and administrative expenses |
|
|
|
|
|
|
|
|
|
||||||||||
|
Compensation expense |
|
28,721 |
|
|
|
29,502 |
|
|
|
30,064 |
|
|
|
30,635 |
|
|
|
29,391 |
|
|
Other general and administrative expenses |
|
9,849 |
|
|
|
9,399 |
|
|
|
9,845 |
|
|
|
12,280 |
|
|
|
11,437 |
|
|
Total general and administrative expenses |
|
38,570 |
|
|
|
38,901 |
|
|
|
39,909 |
|
|
|
42,915 |
|
|
|
40,828 |
|
|
Income (loss) before income taxes |
|
464,231 |
|
|
|
(389,500 |
) |
|
|
(556,692 |
) |
|
|
175,464 |
|
|
|
(828,295 |
) |
|
Income taxes |
|
(943 |
) |
|
|
1,732 |
|
|
|
12,392 |
|
|
|
14,277 |
|
|
|
11,033 |
|
|
Net income (loss) |
|
465,174 |
|
|
|
(391,232 |
) |
|
|
(569,084 |
) |
|
|
161,187 |
|
|
|
(839,328 |
) |
|
Net income (loss) attributable to noncontrolling interests |
|
2,282 |
|
|
|
12,511 |
|
|
|
(6,879 |
) |
|
|
(5,846 |
) |
|
|
4,928 |
|
|
Net income (loss) attributable to Annaly |
|
462,892 |
|
|
|
(403,743 |
) |
|
|
(562,205 |
) |
|
|
167,033 |
|
|
|
(844,256 |
) |
|
Dividends on preferred stock |
|
37,061 |
|
|
|
37,181 |
|
|
|
36,854 |
|
|
|
35,766 |
|
|
|
31,875 |
|
|
Net income (loss) available (related) to common stockholders |
$ |
425,831 |
|
|
$ |
(440,924 |
) |
|
$ |
(599,059 |
) |
|
$ |
131,267 |
|
|
$ |
(876,131 |
) |
|
Net income (loss) per share available (related) to common stockholders |
|
|
|
|
|
|
|
|
|||||||||||
|
Basic |
$ |
0.85 |
|
|
$ |
(0.88 |
) |
|
$ |
(1.21 |
) |
|
$ |
0.27 |
|
|
$ |
(1.79 |
) |
|
Diluted |
$ |
0.85 |
|
|
$ |
(0.88 |
) |
|
$ |
(1.21 |
) |
|
$ |
0.27 |
|
|
$ |
(1.79 |
) |
|
Weighted average number of common shares outstanding |
|
|
|
|
|
|
|
|
|||||||||||
|
Basic |
|
500,612,840 |
|
|
|
499,871,725 |
|
|
|
494,330,361 |
|
|
|
494,165,256 |
|
|
|
489,688,364 |
|
|
Diluted |
|
501,182,043 |
|
|
|
499,871,725 |
|
|
|
494,330,361 |
|
|
|
494,358,982 |
|
|
|
489,688,364 |
|
|
Other comprehensive income (loss) |
|
|
|
|
|
|
|
|
|||||||||||
|
Net income (loss) |
$ |
465,174 |
|
|
$ |
(391,232 |
) |
|
$ |
(569,084 |
) |
|
$ |
161,187 |
|
|
$ |
(839,328 |
) |
|
Unrealized gains (losses) on available-for-sale securities |
|
(281,869 |
) |
|
|
1,024,637 |
|
|
|
(825,286 |
) |
|
|
(294,045 |
) |
|
|
675,374 |
|
|
Reclassification adjustment for net (gains) losses included in net income (loss) |
|
335,351 |
|
|
|
334,739 |
|
|
|
513,041 |
|
|
|
462,128 |
|
|
|
482,908 |
|
|
Other comprehensive income (loss) |
|
53,482 |
|
|
|
1,359,376 |
|
|
|
(312,245 |
) |
|
|
168,083 |
|
|
|
1,158,282 |
|
|
Comprehensive income (loss) |
|
518,656 |
|
|
|
968,144 |
|
|
|
(881,329 |
) |
|
|
329,270 |
|
|
|
318,954 |
|
|
Comprehensive income (loss) attributable to noncontrolling interests |
|
2,282 |
|
|
|
12,511 |
|
|
|
(6,879 |
) |
|
|
(5,846 |
) |
|
|
4,928 |
|
|
Comprehensive income (loss) attributable to Annaly |
|
516,374 |
|
|
|
955,633 |
|
|
|
(874,450 |
) |
|
|
335,116 |
|
|
|
314,026 |
|
|
Dividends on preferred stock |
|
37,061 |
|
|
|
37,181 |
|
|
|
36,854 |
|
|
|
35,766 |
|
|
|
31,875 |
|
|
Comprehensive income (loss) attributable to common stockholders |
$ |
479,313 |
|
|
$ |
918,452 |
|
|
$ |
(911,304 |
) |
|
$ |
299,350 |
|
|
$ |
282,151 |
|
|
|
|||||||||||||||||||
Key Financial Data
The following table presents key metrics of the Company’s portfolio,
Contacts
Annaly Capital Management, Inc.
Investor Relations
1-888-8Annaly
www.annaly.com
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The post Annaly Capital Management, Inc. Reports 1st Quarter 2024 Results appeared first on Daily Host News.
