Annaly Capital Management Q1 2024 Earnings Call: Resilient Performance Amid Economic Shifts
Friday, 26 April 2024, 05:30
Highlights:
Economic Environment:
- Macro Landscape: Resilient economic data, healthy labor market, and uptick in inflation.
- Market Performance: Risk assets performed well, volatility declined, and flows into equity and fixed-income markets increased.
- Federal Reserve: Discussing balance sheet management and potential policy rate adjustments.
Business Strategies:
- Agency: Portfolio adjustments favoring higher coupon rates and positive performance in CMBS sector.
- Residential Credit: Strong growth in Onslow Bay channel, robust credit discipline, and securitization success.
- MSR: High-quality MSR portfolio with stable cash flows and strong performance metrics.
Financial Performance:
Book value per share increased, economic return stood at 4.8%, and net interest margin reflected portfolio changes. Notable increases in interest expense and asset yields, with a focus on efficient expense management.
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