Company: NLY-PF
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001043219-25-000012
Chunk: 138

Company: ANNALY CAPITAL MANAGEMENT INC
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 1
Chunk 138
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 2025, the Company recorded ($7.8) million and $0.9 million, respectively, of income tax expense/(benefit) attributable to its TRSs. During the three and nine months ended September 30, 2024, the Company recorded ($6.1) million and $4.9 million, respectively, of income tax expense/(benefit) attributable to its TRSs. Income tax expense/(benefit) consists of the following: For the Three Months EndedFor the Nine Months Ended September 30, 2025September 30, 2024September 30, 2025September 30, 2024 (dollars in thousands)(dollars in thousands)Current Tax Expense (Benefit)Federal$20 $— $20 $— State and local— 28 13 41 Total current income tax expense (benefit)$20 $28 $33 $41 Deferred Tax Expense (Benefit)Federal$(6,862)$(5,393)$745 $4,210 State and local(981)(770)106 602 Total deferred income tax expense (benefit)$(7,843)$(6,163)$851 $4,812 Total income tax expense (benefit)$(7,823)$(6,135)$884 $4,853 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 EndedFor the Nine Months Ended September 30, 2025September 30, 2024September 30, 2025September 30, 2024Statutory federal income tax rate21.0%21.0%21.0%21.0%Non-taxable REIT income(22.6%)(3.2%)(20.7%)(19.9%)State and local taxes3.0%3.0%3.0%3.0%VIE and Other(2.4%)(28.9%)(3.2%)(3.2%)Change in valuation allowance—%—%—%—%Total provision(1.0%)(8.1%)0.1%0.9%As of September 30, 2025, the Company recorded a net deferred tax asset of $89.4 million resulting primarily