NLY Annaly Capital Management (NLY) Q3 FY26 earnings call
Annaly navigated a challenging Q3 FY26 bond market, marked by rising Treasury yields and wider Agency MBS spreads, resulting in a negative economic return and book value decline. Despite these headwinds, the company maintained strong earnings available for distribution, exceeding its dividend, driven by robust residential credit securitization and MSR performance. Management remains prudently positioned with substantial liquidity, focusing on dynamic capital allocation across its diversified investment strategies to capitalize on emerging opportunities in a higher-rate environment.
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NLY operating KPIs by quarter
| KPI | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | This call Sep 2026 Q3 FY26 | Change vs prior quarter |
|---|---|---|---|---|
| Utilization rate Residential Credit | 65%We have ample available capacity in both businesses with utilization rate at 65% for Residential Credit and 50% for MSR.Source: earnings call transcript | 61%We maintain ample available capacity in both businesses, with utilization rate of 61% for residential credit and 50% for MSR.Source: earnings call transcript | ~57%We maintained significant available capacity, with utilization rates of approximately 57% for residential credit and 50% for MSR.Source: earnings call transcript | — |
| Utilization rate MSR | 50%We have ample available capacity in both businesses with utilization rate at 65% for Residential Credit and 50% for MSR.Source: earnings call transcript | 50%We maintain ample available capacity in both businesses, with utilization rate of 61% for residential credit and 50% for MSR.Source: earnings call transcript | 50%We maintained significant available capacity, with utilization rates of approximately 57% for residential credit and 50% for MSR.Source: earnings call transcript | 0 pt |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.