Annaly Capital Q1 non-GAAP EPS miss by a penny, while book value beats

seekingalpha04-25

Annaly Capital Management (NYSE:NLY) turned in a slight miss on Q1 earnings, but its book value per common share beat the average analyst estimate. "Our core agency MBS portfolio performed well as ...

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He added that the company remains prepared for elevated volatility, which it has seen since quarter-end. Q1 EPS of distribution of $0.64, missing the average analyst estimate of $0.65, declined from $0.68 in Q4 2023 and $0.81 in Q1 2023. Book value per common share rose to $19.73 at March 31, 2024, (and exceeded the Visible Alpha consensus $19.64) from $19.44 at Dec. 31, 2023. Economic return of 4.8% fell from 10.1% in the prior quarter. Economic leverage of 5.6x ticked down from 5.7x in Q4. The mortgage REIT's total assets of $91.5B at the end of Q1 fell from $93.2B at Dec. 31. Its total portfolio of $73.5B included $64.7B in highly liquid agency portfolio. Annaly's (NLY) agency portfolio decreased modestly during the quarter, with portfolio activity focused on its continued rotation up in coupon through the addition of higher coupon, high-quality specified pools as well as a modest increase in TBA exposure. Q1 net interest income of -$6.45M improved from -$53.6M in the prior quarter. Net interest margin, excluding PAA, of 1.43% vs. 1.58% in the previous quarter and 1.76% a year ago. Net interest spread, excluding PAA, was 1.09%, compared with 1.22% in Q4 and 1.62% in Q1 2023. Net servicing income of $102.9M rose from $87.3M in the prior quarter and $76.4M a year ago. Average economic cost of interest-bearing liabilities was 3.78% at March 31, 2024, vs. 3.42% at Dec. 31, 2023 and 2.34% at March 31, 2023. Total general and administrative expenses were $38.6M, vs. $38.9M in the prior quarter and $40.8M a year ago. Annaly (NLY) stock edged up 0.2% in Wednesday after-hours trading. Conference call on April 25 at 9:00 AM ET. Earlier, Annaly Capital Management non-GAAP EPS of $0.64 misses by $0.01  More on Annaly Capital Management  Annaly: Improved Outlook As Mortgage Spreads Decline (Rating Upgrade) Annaly: 2022 Replay Property stocks drop as hot inflation data weigh on rate-cut bets","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2430415495"}