Company: NLY-PF
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001628280-25-023811
Chunk: 252

Company: ANNALY CAPITAL MANAGEMENT INC
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 8
Chunk 252
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(119)Total deferred income tax expense (benefit)$8,254 $(943)Total income tax expense (benefit)$8,267 $(943)The difference between the Company's reported income tax provision and the U.S. federal statutory rate of 21.0% and state income tax rates is as follows:         For the Three Months Ended March 31, 2025March 31, 2024Statutory federal income tax rate21.0 %21.0 %Non-taxable REIT income(14.6 %)(24.5 %)State and local taxes3.0 %3.0 %VIE and Other(3.5 %)0.3 %Change in valuation allowance— %— %Total provision5.9 %(0.2 %)As of March 31, 2025, the Company recorded a net deferred tax asset of $72.6 million resulting primarily from loss carryforwards, securitization gains and unrealized losses on swaps, and a net deferred tax liability of $149.9 million resulting primarily from unrealized gains on MSR, which is included in Other assets and Other liabilities, respectively, in the Consolidated Statements of Financial Condition. As of March 31, 2025, no valuation allowance was established. As of March 31, 2025, the Company's TRSs had approximately $61.5 million of net operating loss carryforwards for federal income tax purposes which may be available to offset future taxable income, including approximately $7.9 million of net operating loss carryforwards that are subject to an annual limitation under Internal Revenue Code Section 382 and $53.6 million that can be carried forward indefinitely.As of March 31, 2025, the Company's TRSs had approximately $31.5 million of capital loss carryforwards for federal income tax purposes which can be carried back three years and forward up to five years to offset capital gains.

 17.  SEGMENTSThe Company operates in three reportable segments further described in the Description of Business Note. The accounting policies applied to the segments are the same as those described in the summary of significant accounting policies, with the exception of allocations between segments related to net interest income and other comprehensive income (loss), which are reflected in Other income (loss), and allocations between segments related to investment balances, which are presented net of associated financings in Total Assets. These allocations are made