Company: NLY-PF
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0001628280-25-005451
Chunk: 19

Company: ANNALY CAPITAL MANAGEMENT INC
Filing Date: 2025-02-13
Form: 10-K
Item: Item 7
Chunk 19
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 year ended December 31, 2024 was $2.3 billion compared to $400.1 million for the same period in 2023. Net interest income for the year ended December 31, 2024 was $247.8 million compared to ($111.4) million for the same period in 2023. Net gains (losses) on investments and other for the year ended December 31, 2024 was ($1.8) billion compared to ($2.1) billion for the same period in 2023. Net servicing income for the year ended December 31, 2024 was $435.9 million compared to $326.5 million for the same period in 2023. Refer to the section titled “Other income (loss)” located within this Item 7 for additional information related to these changes. 

Non-GAAP

Earnings available for distribution were $1.6 billion, or $2.70 per average common share, for the year ended December 31, 2024, compared to $1.6 billion, or $2.86 per average common share, for the same period in 2023. The change in earnings available for distribution for the year ended December 31, 2024 compared to the same period in 2023 was primarily due to higher coupon income, resulting from higher residential mortgage loan balances and purchasing securities higher up in the coupon stack, and higher net servicing income. This change was almost entirely offset by higher interest expense from an increase in average borrowing rates and average interest bearing liabilities, and an unfavorable change in the net interest component of interest rate swaps.

54

ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIESItem 7. Management’s Discussion and Analysis

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);•average economic cost of interest bearing liabilities;•net interest margin (excluding PAA); and•net interest spread (excluding PAA).

These