On Wednesday, August 1, after the markets closed, Annaly Financial (NLY), the largest publicly traded mortgage REIT, reported its results for the second quarter of 2012. Excluding unrealized losses on interest rate swaps and agency interest-only mortgage-backed securities, net income for the quarter was $546.2 million, or $0.55 per share, compared to $587.5 million, or $0.71 per share, for the second quarter of 2011 and $529.3 million, or $0.54 per share, for the first quarter of 2012. These results are one penny better than average Wall Street estimates.
The company reported a Q2 GAAP net loss of $91.2 million or $0.10 per share compared to income of $120.8 million or $0.14 for the same quarter last year, and GAAP net income of $901.8 million or $0.92 per average common share in Q1 of 2012.
Annaly reported that its leverage at the end of Q2 was 6.0x, compared to 5.7x during Q2 of 2011 and 5.8x during Q1 of 2012. Annaly's Constant Prepayment Rate for Q2 was 19%, which is the same prepayment rate it reported for Q1 of 2012. Annaly reported its weighted average purchase price for agency mortgage-backed securities was 103.2%, up from 102.9% in Q1 of 2012 and from 102.1% in this quarter a year ago. Annaly also reported a book value per share of $16.23 at the end of Q2, compared to $16.18 in Q1 of 2012 and $16.55 last year.
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