Company: NLY-PF
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001043219-25-000012
Chunk: 163

Company: ANNALY CAPITAL MANAGEMENT INC
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 1
Chunk 163
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 million, which includes $18.8 million attributable to noncontrolling interests, or $0.80 per average basic common share, for the same period in 2024. We attribute the majority of the change in net income (loss) to favorable changes in net gains (losses) on investments and other, net interest income, and net servicing income, partially offset by an unfavorable change in net gains (losses) on derivatives. Net gains (losses) on investments and other was $1.5 billion for the nine months ended September 30, 2025, compared to $160.8 million for the same period in 2024. Net interest income for the nine months ended September 30, 2025 was $768.9 million, compared to $60.5 million for the same period in 2024. Net servicing income for the nine months ended September 30, 2025 was $379.7 million, compared to $320.4 million for the same period in 2024. Net gains on derivatives for the nine months ended September 30, 2025 was ($1.5) billion, compared to $53.6 million for the same period in 2024. Refer to the section titled “Other income (loss)” located within this Item 2 for additional information related to these changes.

Non-GAAP

Earnings available for distribution were $519.9 million, or $0.73 per average common share, for the three months ended September 30, 2025, compared to $382.5 million, or $0.66 per average common share, for the same period in 2024. The change in earnings available for distribution during the three months ended September 30, 2025, compared to the same period in 2024, was primarily due to higher coupon income, resulting from higher residential mortgage loan and securities balances and purchasing securities higher up in the coupon stack. This change was partially offset by an unfavorable change in the net interest component of interest rate swaps and higher interest expense resulting from higher securitized debt balances from new securitizations and higher average rates, partially offset by lower interest expense on repurchase agreements from lower average rates despite higher average repurchase agreement balances.

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

Earnings available for distribution were $1.5 billion, or $2.18 per average common share, for the nine