Company: NLY-PF
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001628280-25-023811
Chunk: 131

Company: ANNALY CAPITAL MANAGEMENT INC
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 1
Chunk 131
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 10-Q. The Company does not undertake, and specifically disclaims any obligation, to 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  PageOverview37Business Environment37Economic Environment38Results of Operations39Net Income (Loss) Summary40Non-GAAP Financial Measures41Earnings 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 Equity42Premium Amortization Expense44Economic Leverage and Economic Capital Ratios44Interest Income (excluding PAA), Economic Interest Expense and Economic Net Interest Income (excluding PAA)45Experienced and Projected Long-term CPR46Average Yield on Interest Earning Assets (excluding PAA), Net Interest Spread (excluding PAA), Net Interest Margin (excluding PAA), and Average Economic Cost of Interest Bearing Liabilities47Economic Interest Expense and Average Economic Cost of Interest Bearing Liabilities48Other Income (Loss)49General and Administrative Expenses50Return on Average Equity50Unrealized Gains and Losses - Available-for-Sale Investments50Financial Condition51Residential Securities51Contractual Obligations53Commitments and Contractual Obligations with Unconsolidated Entities54Capital Management54Stockholders’ Equity54Capital Stock55Leverage and Capital56Risk Management56Risk Appetite56Governance57Description of Risks57Liquidity and Funding Risk Management58Funding58Excess Liquidity59Maturity Profile60Stress Testing61Liquidity Management Policies61