News about Annaly

Annaly reported a GAAP net loss of $1.36 per average common share in Q3, mainly from unrealized losses on its investment portfolio as interest rates rose. Earnings available for distribution were $0.80 per share, above the $0.75 quarterly dividend. Book value fell 11.4% to $17.86 per share, and economic return was negative 7.6% as the 10-year Treasury yield rose 82 basis points, with wider Agency MBS spreads and higher rate volatility cited as causes. The company raised $757 million through its at-the-market program to redeem $442.5 million of Series I preferred stock and fund investments, and economic leverage increased to 5.9x. Its total portfolio was $106.5 billion, including $91.8 billion in Agency MBS and $10.4 billion in residential credit, while the MSR portfolio reached $4.3 billion.