Company: NLY-PF
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0001628280-25-005451
Chunk: 172

Company: ANNALY CAPITAL MANAGEMENT INC
Filing Date: 2025-02-13
Form: 10-K
Item: Item 16
Chunk 172
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 uncertain tax positions taken or expected to be taken on a tax return. ASC 740 also requires that interest and penalties related to unrecognized tax benefits be recognized in the financial statements. The Company does not have any unrecognized tax benefits that would affect its financial position. Thus, no accruals for penalties and interest were deemed necessary at December 31, 2024 and 2023.The state and local tax jurisdictions for which the Company is subject to tax-filing obligations recognize the Company’s status as a REIT and, therefore, the Company generally does not pay income tax in such jurisdictions. The Company may, however, be subject to certain minimum state and local tax filing fees as well as certain excise, franchise or business taxes. The Company’s TRSs are subject to federal, state and local taxes. The Company’s federal, state and local tax returns from 2021 and forward remain open for examination.During the years ended December 31, 2024, 2023 and 2022 the Company recorded $15.3 million, $39.4 million and $45.6 million, respectively, of income tax expense (benefit) attributable to its TRSs. Income tax expense  (benefit) consists of the following:

F-33

ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIESFinancial Statements

 For the Years Ended December 31, 2024December 31, 2023December 31, 2022 (dollars in thousands)Current Tax Expense (Benefit)Federal$771 $— $133 State and local240 28 115 Total current income tax expense (benefit)$1,011 $28 $248 Deferred Tax Expense (Benefit)Federal$12,468 $34,480 $39,658 State and local1,781 4,926 5,665 Total deferred income tax expense (benefit)$14,249 $39,406 $45,323 Total income tax expense (benefit)$15,260 $39,434 $45,571 The difference between the Company's reported income tax provision and the U.S. federal statutory rate of 21.0% and state income tax rates is as follows:  For the Years Ended December 31, 2024December 31, 2023December 31, 2022Statutory federal income tax rate21.0 %21.0