Company: NLY-PF
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001043219-25-000012
Chunk: 1

Company: ANNALY CAPITAL MANAGEMENT INC
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 2
Chunk 1
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 publicly release the result of any revisions which may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements, except as required by law.

This Management’s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with our most recent annual report on Form 10-K. All references to “Annaly,” “we,” “us,” or “our” mean Annaly Capital Management, Inc. and all entities owned by us, except where it is made clear that the term means only the parent company.  Refer to the section titled “Glossary of Terms” located at the end of this Item 2 for definitions of commonly used terms in this quarterly report on Form 10-Q.

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ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIESItem 2. Management’s Discussion and Analysis 

INDEX TO ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS  PageOverview40Business Environment40Economic Environment41Income Tax Reform42Results of Operations43Net Income (Loss) Summary44Non-GAAP Financial Measures46Earnings Available for Distribution, Earnings Available for Distribution Attributable to Common Stockholders, Earnings Available for Distribution Per Average Common Share and Annualized EAD Return on Average Equity46Premium Amortization Expense48Economic Leverage and Economic Capital Ratios48Interest Income (excluding PAA), Economic Interest Expense and Economic Net Interest Income (excluding PAA)49Experienced and Projected Long-term CPR51Average Yield on Interest Earning Assets (excluding PAA), Net Interest Spread (excluding PAA), Net Interest Margin (excluding PAA), and Average Economic Cost of Interest Bearing Liabilities51Economic Interest Expense and Average Economic Cost of Interest Bearing Liabilities52Other Income (Loss)53General and Administrative Expenses55Return on Average Equity55Unrealized Gains and Losses - Available-for-Sale Investments55Financial Condition56Residential Securities56Contractual Obligations59Commitments and Contractual Obligations with Unconsolidated Entities59Capital Management59Stockholders’ Equity60Capital Stock60Leverage and Capital61Risk Management62Risk Appetite62Governance62Description of Risks63Liquidity and Funding Risk Management63Funding63Excess Liquidity65Maturity Profile and Interest Rate Sensitivity66Stress Testing67Liquidity Management Policies67Investment/Market Risk Management67Credit Risk