Company: NLY-PF
Filing Date: 2025-07-30
Form Type: 10-Q
Source: 0001628280-25-036724
Chunk: 1

Company: ANNALY CAPITAL MANAGEMENT INC
Filing Date: 2025-07-30
Form: 10-Q
Item: Part I, Item 2
Chunk 1
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 publicly release the result of any revisions which may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements, except as required by law.

This Management’s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with our most recent annual report on Form 10-K. All references to “Annaly,” “we,” “us,” or “our” mean Annaly Capital Management, Inc. and all entities owned by us, except where it is made clear that the term means only the parent company.  Refer to the section titled “Glossary of Terms” located at the end of this Item 2 for definitions of commonly used terms in this quarterly report on Form 10-Q.

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

INDEX TO ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS  PageOverview38Business Environment38Economic Environment39Results of Operations40Net Income (Loss) Summary41Non-GAAP Financial Measures43Earnings Available for Distribution, Earnings Available for Distribution Attributable to Common Stockholders, Earnings Available for Distribution Per Average Common Share and Annualized EAD Return on Average Equity43Premium Amortization Expense45Economic Leverage and Economic Capital Ratios45Interest Income (excluding PAA), Economic Interest Expense and Economic Net Interest Income (excluding PAA)46Experienced and Projected Long-term CPR48Average Yield on Interest Earning Assets (excluding PAA), Net Interest Spread (excluding PAA), Net Interest Margin (excluding PAA), and Average Economic Cost of Interest Bearing Liabilities48Economic Interest Expense and Average Economic Cost of Interest Bearing Liabilities49Other Income (Loss)50General and Administrative Expenses52Return on Average Equity52Unrealized Gains and Losses - Available-for-Sale Investments52Financial Condition53Residential Securities53Contractual Obligations56Commitments and Contractual Obligations with Unconsolidated Entities56Capital Management56Stockholders’ Equity57Capital Stock57Leverage and Capital58Risk Management59Risk Appetite59Governance59Description of Risks60Liquidity and Funding Risk Management60Funding60Excess Liquidity62Maturity Profile and Interest Rate Sensitivity63Stress Testing64Liquidity Management Policies64Investment/Market Risk Management64Credit Risk Management65Counterparty