Company: NLY-PF
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001043219-25-000012
Chunk: 160

Company: ANNALY CAPITAL MANAGEMENT INC
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 1
Chunk 160
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0.67%(0.26%)0.59%(0.35%)Weighted average experienced CPR for the period8.6%7.6%8.1%7.0%Weighted average projected long-term CPR at period-end10.4%11.9%10.4%11.9%Common stock book value per share$19.25 $19.54 $19.25 $19.54 Non-GAAP metrics *Interest income (excluding PAA)$1,550,887 $1,250,706 $4,295,322 $3,512,200 Economic interest expense (7)$1,051,717 $882,244 $2,892,293 $2,459,504 Economic net interest income (excluding PAA)$499,170 $368,462 $1,403,029 $1,052,696 Premium amortization adjustment cost (benefit)$18,390 $21,365 $26,824 $11,046 Earnings available for distribution (8)$519,882 $382,509 $1,471,645 $1,117,610 Earnings available for distribution per average common share (1)$0.73 $0.66 $2.18 $1.98 Annualized EAD return on average equity (excluding PAA)14.70%12.95%14.56%12.88%Economic leverage at period-end (2)5.7:15.7:15.7:15.7:1Economic capital ratio at period-end (3)14.8%14.6%14.8%14.6%Net interest margin (excluding PAA) (5)1.70%1.52%1.70%1.51%Average yield on interest earning assets (excluding PAA) (6)5.46%5.25%5.37%5.09%Average economic cost of interest bearing liabilities (7)3.96%3.93%3.93%3.87%Net interest spread (excluding PAA)1.50%1.32%1.44%1.22%

44

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

*   Represents a non-GAAP financial measure. Refer to the