Company: NLY-PF
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0001628280-25-005451
Chunk: 28

Company: ANNALY CAPITAL MANAGEMENT INC
Filing Date: 2025-02-13
Form: 10-K
Item: Item 7
Chunk 28
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 business operations.

The following tables present a reconciliation of GAAP interest income and GAAP interest expense to non-GAAP interest income (excluding PAA), economic interest expense and economic net interest income (excluding PAA), respectively, for the periods presented:

Interest Income (excluding PAA)

 GAAP Interest IncomePAA Cost(Benefit)Interest Income (excluding PAA) *For the years ended(dollars in thousands)December 31, 2024$4,840,034 $(14,241)$4,825,793 December 31, 2023$3,731,581 $1,654 $3,733,235 December 31, 2022$2,778,887 $(360,587)$2,418,300 * Represents a non-GAAP financial measure. Refer to disclosures within this section above for additional information on non-GAAP financial measures.

Economic Interest Expense and Economic Net Interest Income (excluding PAA)

 GAAPInterestExpenseAdd: Net Interest Component of Interest Rate Swaps and Net Interest on Initial MarginEconomic InterestExpense * (1)GAAP NetInterestIncomeLess: Net Interest Componentof Interest Rate SwapsEconomicNet InterestIncome *Add: PAACost(Benefit)Economic Net Interest Income (excluding PAA) *For the years ended(dollars in thousands)December 31, 2024$4,592,238 $(1,253,447)$3,338,791 $247,796 $(1,253,447)$1,501,243 $(14,241)$1,487,002 December 31, 2023$3,842,965 $(1,585,053)$2,257,912 $(111,384)$(1,585,053)$1,473,669 $1,654 $1,475,323 December 31, 2022$1,309,735 $(366,161)$943,574 $1,469,152 $(366,161)$1,835,313 $(360,587)$1,474,726 * Represents a non-GAAP financial measure. Refer to disclosures within this section above for additional information on non-GAAP financial measures.(1) Economic interest expense is comprised of GAAP interest expense, the net interest component of interest rate swaps, and, beginning with the quarter ended June 30, 2024, net interest on