Company: NLY-PF
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001043219-25-000012
Chunk: 15

Company: ANNALY CAPITAL MANAGEMENT INC
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 2
Chunk 15
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.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 months ended September 30, 2025, compared to $1.1 billion, or $1.98 per average common share, for the same period in 2024. The change in earnings available for distribution during the nine 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, and higher net servicing income on higher balances. This change was partially offset by an unfavorable change in the net interest component of interest rate swaps, 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.

Non-GAAP Financial Measures

To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we provide the following non-GAAP financial measures:

•earnings available for distribution (“EAD”);•earnings available for distribution attributable to common stockholders;•earnings available for distribution per average common share;•annualized EAD return on average equity;•economic leverage;•economic capital ratio;•interest income (excluding PAA);•economic interest expense;•economic net interest income (excluding PAA);•average yield on interest earning assets (excluding PAA