Company: NLY-PF
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0001628280-25-005451
Chunk: 17

Company: ANNALY CAPITAL MANAGEMENT INC
Filing Date: 2025-02-13
Form: 10-K
Item: Item 7
Chunk 17
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912 $943,574 Economic net interest income (excluding PAA)$1,487,002 $1,475,323 $1,474,726 Premium amortization adjustment cost (benefit)$(14,241)$1,654 $(360,587)Earnings available for distribution (6)$1,564,625 $1,554,014 $1,850,138 Earnings available for distribution per average common share$2.70 $2.86 $4.23 Annualized EAD return on average equity (excluding PAA)13.28 %13.71 %16.02 %Economic leverage at period-end (1)5.5:15.7:16.3:1Economic capital ratio at period-end (2)14.6 %14.0 %13.4 %Net interest margin (excluding PAA) (3)1.57 %1.62 %2.03 %Average yield on interest earning assets (excluding PAA) (4)5.13 %4.33 %3.16 %Average economic cost of interest bearing liabilities (5)3.91 %3.01 %1.46 %Net interest spread (excluding PAA)1.22 %1.32 %1.70 %*   Represents a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures” section for additional information.(1) GAAP leverage is computed as the sum of repurchase agreements, other secured financing, debt issued by securitization vehicles, participations issued, and U.S. Treasury securities sold, not yet purchased divided by total equity. Economic leverage is computed as the sum of recourse debt, cost basis of to-be-announced (“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 (excluding certain non-recourse credit facilities), and U.S. Treasury securities sold, not yet purchased. Certain credit facilities (included within other secured financing), debt issued by securitization vehicles, and participations issued are non-recourse to us and are excluded from economic leverage.(2) GAAP capital ratio is computed as total equity divided by total assets. Economic capital ratio is computed as total equity divided by total economic assets. Total economic assets include the implied market