Company: NLY-PF
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001628280-25-023811
Chunk: 13

Company: ANNALY CAPITAL MANAGEMENT INC
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 2
Chunk 13
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SIDIARIESItem 2. Management’s Discussion and Analysis 

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 March 31, 20252024 (dollars in thousands, except per share data)GAAP net income (loss)$130,305 $465,174 Adjustments to exclude reported realized and unrealized (gains) lossesNet (gains) losses on investments and other (1)(810,970)994,120 Net (gains) losses on derivatives (2)1,169,412 (1,046,995)Other adjustmentsAmortization of intangibles673 673 Non-EAD (income) loss allocated to equity method investments (3)147 216 Transaction expenses and non-recurring items (4)6,782 3,737 Income tax effect of non-EAD income (loss) items7,355 (2,918)TBA dollar roll income and CMBX coupon income (5)11,275 1,375 MSR amortization (6)(62,433)(50,621)EAD attributable to noncontrolling interests(2,985)(3,786)Premium amortization adjustment cost (benefit)12,296 (3,013)Earnings available for distribution *461,857 357,962 Dividends on preferred stock37,157 37,061 Earnings available for distribution attributable to common stockholders *$424,700 $320,901 GAAP net income (loss) per average common share$0.15 $0.85 Earnings available for distribution per average common share *$0.72 $0.64 Annualized GAAP return (loss) on average equity (7)4.04 %16.29 %Annualized EAD return on average equity *14.43 %12.63 %*  Represents a non-GAAP financial measure. Refer to the disclosure within this section above for additional information on non-GAAP financial measures.(1) Includes write-downs or recoveries which are reported in Other, net in the Company's Consolidated Statements of Comprehensive Income (Loss).(2) The adjustment to add back Net (gains) losses on derivatives does not include the net interest component of interest rate swaps which is reflected in earnings available for distribution. The net interest component of