Annaly Q3 EAD超预期但每股账面价值大幅低于预期，季度经济回报率-7.6%

Annaly Capital Management ( NLY ) delivered better-than-expected Q3 earnings, but its book value missed the consensus, leading to a negative economic return for the quarter. Q3 EPS available for distribution, or EAD, of $0.80 per share , topping the average analyst estimate of $0.77, rose from $0.79 in Q2 and $0.73 in last year’s Q3. Book value per common share of $17.86 at Sept. 30, 2026, vs. the S&P CapIQ consensus estimate of $19.29, dropped from $20.15 at June 30, 2026. Economic return of -7.6% vs. 5.5% in the prior quarter. Economic leverage of 5.9x compared with 5.6x in Q2. "While the third quarter of 2026 was a challenging period for fixed-income markets, which we were not immune to, we entered the quarter prepared for the volatility," said CEO and Co-Chief Investment Officer David Finkelstein. "Our cycle-low leverage and minimal duration exposure provided us with the flexibility to actively manage our portfolio while continuing to make attractive investments across our three strategies." The mortgage REIT’s total assets of $146.1B at the end of Q3 climbed from $143.7B at the end of Q2. Its total portfolio of $106.5B included $91.8B in highly liquid agency portfolio. Annaly’s ( NLY ) agency portfolio decreased modestly. Q3 net interest income of $543.6M, vs. the S&P CapIQ consensus of $565.2M, grew from $488.2M in Q2 and $275.8M in Q3 2025. Net interest margin, excluding PAA, of 1.69% vs. 1.76% in the previous quarter and 1.70% a year ago. Net interest spread, excluding PAA, was 1.42% compared with 1.50% in Q2 and 1.50% in last year’s Q3. Q3 net servicing income of $156.0M fell from $157.2M in the prior quarter and rose from $126.3M a year ago. The average economic cost of interest-bearing liabilities was 4.03% at Sept. 30, 2026, vs. 3.96% at June 30 and 3.96% at Sept. 30, 2025. Total general and administrative expenses were $53.2M vs. $58.2M in the prior quarter and $50.3M a year ago. Conference call on Oct. 21 at 9:00 AM ET. Annaly ( NLY ) stock edged down 0.1% in after-hours trading.