Company: NLY-PF
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0001628280-25-005451
Chunk: 15

Company: ANNALY CAPITAL MANAGEMENT INC
Filing Date: 2025-02-13
Form: 10-K
Item: Item 7
Chunk 15
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 herein (see “Special Note Regarding Forward-Looking Statements” above) and in Part I, Item 1A. “Risk Factors”.

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 7. 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 years ended December 31, 2024, 2023 and 2022.

 As of and for the Years Ended December 31, 202420232022 (dollars in thousands, except per share data)Interest income$4,840,034 $3,731,581 $2,778,887 Interest expense4,592,238 3,842,965 1,309,735 Net interest income247,796 (111,384)1,469,152 Servicing and related income485,406 364,157 246,926 Servicing and related expense49,469 37,652 25,145 Net servicing income435,937 326,505 221,781 Other income (loss)514,651 (1,651,591)243,787 Less: Total general and administrative expenses171,356 162,553 162,729 Income (loss) before income taxes1,027,028 (1,599,023)1,771,991 Income taxes15,260 39,434 45,571 Net income (loss)1,011,768 (1,638,457)1,726,420 Less: Net income (loss) attributable to noncontrolling interests9,862 4,714 1,095 Net income (loss) attributable to Annaly1,001,906 (1,643,171)1,725,325 Less: Dividends on preferred stock154,551 141,676 110