Company: NLY-PF
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001043219-25-000012
Chunk: 166

Company: ANNALY CAPITAL MANAGEMENT INC
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 1
Chunk 166
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 to provide additional transparency into the operating performance of our portfolio. In addition, EAD serves as a useful indicator for investors in evaluating our performance and ability to pay dividends. Annualized EAD return on average equity, which is calculated by dividing earnings available for distribution over average stockholders’ equity, provides investors with additional detail on the earnings available for distribution generated by our invested equity capital. 

The following table presents a reconciliation of GAAP financial results to non-GAAP earnings available for distribution for the periods presented:

 For the Three Months Ended September 30,For the Nine Months Ended September 30, 2025202420252024 (dollars in thousands, except per share data)GAAP net income (loss)$843,063 $82,351 $1,033,739 $538,692 Adjustments to exclude reported realized and unrealized (gains) lossesNet (gains) losses on investments and other (1)(560,957)(1,724,051)(1,454,781)(161,057)Net (gains) losses on derivatives (2)284,199 2,071,493 2,028,046 892,383 Other adjustmentsAmortization of intangibles673 673 2,018 2,019 Non-EAD (income) loss allocated to equity method investments (3)376 1,465 120 1,158 Transaction expenses and non-recurring items (4)8,117 4,966 20,605 14,032 Income tax effect of non-EAD income (loss) items(6,742)(9,248)1,616 (2,150)TBA dollar roll income (5)9,019 (1,132)27,546 729 MSR amortization (6)(72,081)(62,480)(203,318)(169,201)EAD attributable to noncontrolling interests(4,175)(2,893)(10,770)(10,041)Premium amortization adjustment cost (benefit)18,390 21,365 26,824 11,046 Earnings available for distribution *519,882 382,509 1,471,645 1,117,610 Dividends on preferred stock (7)41,127 41,628 115,544 115,847 Earnings available for distribution attributable to common stockholders *$478,755