Company: NLY-PF
Filing Date: 2025-07-30
Form Type: 10-Q
Source: 0001628280-25-036724
Chunk: 8

Company: ANNALY CAPITAL MANAGEMENT INC
Filing Date: 2025-07-30
Form: 10-Q
Item: Part I, Item 2
Chunk 8
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-Looking Statements” above) and in Part I, Item 1A. “Risk Factors” of our most recent Annual Report on Form 10-K and in Part II, Item 1A. “Risk Factors” in this Quarterly Report on Form 10-Q.

This Management Discussion and Analysis section contains analysis and discussion of financial results computed in accordance with U.S. generally accepted accounting principles (“GAAP”) and non-GAAP measurements. To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we provide non-GAAP financial measures to enhance investor understanding of our period-over-period operating performance and business trends, as well as for assessing our performance versus that of industry peers.

Refer to the “Non-GAAP Financial Measures” section for additional information.

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

Net Income (Loss) Summary

The following table presents financial information related to our results of operations as of and for the three and six months ended June 30, 2025 and 2024.

 As of and for the Three Months Ended June 30,As of and for the Six Months Ended June 30, 2025202420252024 (dollars in thousands, except per share data)Interest income$1,418,893 $1,177,325 $2,736,001 $2,271,813 Interest expense1,145,693 1,123,767 2,242,830 2,224,706 Net interest income273,200 53,558 493,171 47,107 Servicing and related income141,670 120,515 282,105 235,599 Servicing and related expense14,571 12,617 28,684 24,833 Net servicing income127,099 107,898 253,421 210,766 Other income (loss)(289,470)(113,467)(449,127)292,917 Less: Total general and administrative expenses50,018 44,891 98,082 83,461 Income (loss) before income taxes60,811 3,098 199,383 467,329 Income taxes440 11,931 8,707 10,988 Net income (loss)60,371 (8,833)190,676 456,341 Less