Company: NLY-PF
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001628280-25-023811
Chunk: 193

Company: ANNALY CAPITAL MANAGEMENT INC
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 1
Chunk 193
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 income (loss) items) and excludes (g) the premium amortization adjustment representing the cumulative impact on prior periods, but not the current period, of quarter-over-quarter changes in estimated long-term prepayment speeds related to our Agency mortgage-backed securities. Earnings available for distribution per average common share is a non-GAAP financial measure calculated by dividing earnings available for distribution by average basic common shares for the period. This metric was previously labeled Core Earnings (excluding PAA) and Core Earnings (excluding PAA) Per Average Common Share). The definition of EAD is identical to the definition of Core Earnings (excluding PAA) from prior reporting periods.Economic CapitalA measure of the risk a firm is subject to.  It is the amount of capital a firm needs as a buffer to protect against risk.  It is a probabilistic measure of potential future losses at a given confidence level over a given time horizon.Economic Capital RatioNon-GAAP financial measure that is calculated as total stockholders’ equity divided by total economic assets.  Total economic assets includes the implied market value of TBA derivatives and are net of debt issued by securitization vehicles.Economic Interest ExpenseNon-GAAP financial measure that is comprised of GAAP interest expense, the net interest component of interest rate swaps and net interest on initial margin related to interest rate swaps, which is reported in Other, net in the Company’s Consolidated Statements of Comprehensive Income (Loss).Economic Leverage Ratio (Economic Debt-to-Equity Ratio)Non-GAAP financial measure that is calculated as the sum of recourse debt, cost basis of TBA and CMBX derivatives outstanding and net forward purchases (sales) of investments divided by total equity. Recourse debt consists of repurchase agreements, other secured financing and U.S. Treasury securities sold, not yet purchased. Debt issued by securitization vehicles and participations issued  are non-recourse to us and are excluded from this measure.Economic Net Interest IncomeNon-GAAP financial measure that is composed of GAAP interest income less Economic Interest Expense.Economic ReturnRefers to the Company’s change in book value plus dividends declared divided by the prior period’s book value.Encumbered AssetsAssets on the company’s balance sheet which have been pledged as collateral against a liability.FFace AmountThe par value (i.e., principal or maturity value) of a security appearing on the face of the instrument.FactorA decimal value reflecting the proportion of the outstanding principal balance of a mortgage security, which changes over time, in relation