Company: NLY-PF
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001043219-25-000012
Chunk: 158

Company: ANNALY CAPITAL MANAGEMENT INC
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 1
Chunk 158
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 and in Part I, Item 1A. “Risk Factors” of our most recent Annual Report on Form 10-K and in Part II, Item 1A. “Risk Factors” in this Quarterly Report on Form 10-Q.

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 2. 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 three and nine months ended September 30, 2025 and 2024.

 As of and for the Three Months Ended September 30,As of and for the Nine Months Ended September 30, 2025202420252024 (dollars in thousands, except per share data)Interest income$1,532,497 $1,229,341 $4,268,498 $3,501,154 Interest expense1,256,747 1,215,940 3,499,577 3,440,646 Net interest income275,750 13,401 768,921 60,508 Servicing and related income141,356 122,583 423,461 358,182 Servicing and related expense15,104 12,988 43,788 37,821 Net servicing income126,252 109,595 379,673 320,361 Other income (loss)483,578 (2,859)34,451 290,058 Less: Total general and administrative expenses50,340 43,921 148,422 127,382 Income (loss) before income taxes835,240 76,216 1,034,623 543,545 Income taxes(7,823)(6,135)884 4,853 Net income (loss)843,063 82,351 1,033,739 538,692 Less: Net