ANNALY CAPITAL MANAGEMENT INC

Listed Company

NLY-PFCIK 0001043219NYSELarge AcceleratedReal Estate Investment TrustsMarylandFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$2.03B

Total Assets

$135.61B

Equity

$16.09B

Shares Out

732.78M

Op. Cash Flow

$692.91M

Business

ANNALY CAPITAL MANAGEMENT INC is a diversified capital manager that invests capital, coupled with borrowed funds, primarily across mortgage finance to generate income for distribution to stockholders. It offers investments in Agency mortgage-backed securities, non-Agency residential whole loans and securitized products, mortgage servicing rights, TBAs and complementary Agency and commercial mortgage assets. Its business is organized into three investment groups — Annaly Agency Group, Annaly Residential Credit Group and Annaly Mortgage Servicing Rights Group. It distributes and manages assets through repurchase agreements, securitizations, broker-dealer activities and strategic partnerships across U.S. mortgage and capital markets.

Summary from filing dated 2025-02-13

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Interest income	5,959	4,840	3,732	2,779	1,983
Interest expense	4,824	4,592	3,843	1,310	—
Net interest income	1,136	248	−111	1,469	1,734
Servicing and related income	580	485	364	247	69
Servicing and related expense	60	49	38	25	12
Net servicing income	519	436	327	222	57
Net gains (losses) on investments and other	1,746	−1,850	−2,126	−4,602	121
Net gains (losses) on derivatives	−1,207	2,269	400	4,859	808
Loan loss (provision) reversal	0	0	219,000	−21	−145
Other, net	51	95	74	7	1
Total other income (loss)	590	515	−1,652	244	796
Compensation expense	152	130	120	113	118
Other general and administrative expenses	48	41	43	50	68
Total general and administrative expenses	200	171	163	163	186
Income (loss) before income taxes	2,045	1,027	−1,599	1,772	2,401
Income taxes	−7	15	39	46	5
Net income (loss)	2,052	1,012	−1,638	1,726	2,396
Net income (loss) attributable to noncontrolling interests	24	10	5	1	6
Net income (loss) attributable to Annaly	2,027	1,002	−1,643	1,725	2,390
Dividends on preferred stock	158	155	142	111	108
Net income (loss) available (related) to common stockholders	1,869	847	−1,785	1,615	2,282
Basic (in dollars per share)	2.92	1.62	−3.61	3.93	6.4
Diluted (in dollars per share)	2.92	1.62	−3.61	3.92	6.39
Basic (in shares)	640	522	495	411	357
Diluted (in shares)	641	523	495	412	357
Unrealized gains (losses) on available-for-sale securities	387	−244	581	−8,205	−2,420
Reclassification adjustment for net (gains) losses included in net income (loss)	142	562	1,793	3,537	4
Other comprehensive income (loss)	529	318	2,373	−4,667	−2,416
Comprehensive income (loss)	2,581	1,329	735	−2,941	−20
Comprehensive income (loss) attributable to noncontrolling interests	24	10	5	1	6
Comprehensive income (loss) attributable to Annaly	2,556	1,320	730	−2,942	−26
Comprehensive income (loss) attributable to common stockholders	2,398	1,165	589	−3,053	−134

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents (includes pledged assets of $1,776,349 and $1,202,880 respectively)	2,038	1,488	1,412	1,577	1,342
Securities (includes pledged assets of $76,380,480 and $67,692,062, respectively)	91,288	69,756	69,614	65,790	—
Loans, net (includes pledged assets of $3,954,154 and $2,754,028, respectively)	5,021	3,547	2,353	1,810	4,242
Mortgage servicing rights (includes pledged assets of $3,541,414 and $2,460,252, respectively)	3,646	2,909	2,122	1,748	545
Interests in MSR	29	0	—	0	69
Assets transferred or pledged to securitization vehicles	32,067	21,973	13,308	9,122	6,086
Derivative assets	116	225	163	342	170
Reverse repurchase agreements	34	0	—	—	—
Receivable for unsettled trades	1	2,201	2,710	575	3
Principal and interest receivable	927	1,069	1,223	637	235
Intangible assets, net	7	9	—	—	—
Other assets	437	377	311	233	198
Total assets	135,610	103,556	93,227	81,851	76,764
Repurchase agreements	81,900	65,700	62,200	59,500	—
Other secured financing	1,100	750	500	250	903
Debt issued by securitization vehicles	28,919	19,541	11,600	7,744	5,156
Participations issued	1,933	1,155	1,104	801	1,049
U.S. Treasury securities sold, not yet purchased	2,397	2,471	2,133	0	—
Derivative liabilities	54	60	302	204	882
Payable for unsettled trades	2,059	308	3,249	1,158	148
Interest payable	381	268	288	325	91
Dividends payable	495	376	325	412	321
Other liabilities	272	242	179	74	94
Total liabilities	119,450	90,859	81,882	70,481	63,569
Preferred stock, par value $0.01 per share, 75,000,000 and 63,500,000 authorized, 74,500,000 and 63,500,000 issued and outstanding, respectively	1,802	1,537	1,537	1,537	1,537
Common stock, par value $0.01 per share, 1,456,750,000 and 1,468,250,000 authorized, 706,972,452 and 578,357,118 issued and outstanding, respectively	7	6	5	5	4
Additional paid-in capital	27,927	25,258	23,672	22,981	20,325
Accumulated other comprehensive income (loss)	−489	−1,018	−1,335	−3,709	958
Total stockholders equity	16,091	12,609	11,256	11,270	13,170
Noncontrolling interests	69	88	89	99	25
Total equity	16,160	12,697	11,345	11,369	13,195
Accumulated deficit	−13,157	−13,173	−12,623	−9,543	−9,654
Total liabilities and equity	135,610	103,556	93,227	81,851	76,764

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Amortization of premiums and discounts of investments, net	247	113	186	87	784
Amortization of securitized debt premiums and discounts and deferred financing costs	−35	4	14	−5	−7
Depreciation, amortization and other noncash expenses	34	30	25	21	25
Net (gains) losses on investments and derivatives	178	783	3,311	109	−1,205
Income (loss) from unconsolidated joint ventures	13	−6	10	−11	12
Payments on purchases of loans held for sale	−262	−58	0	0	−51
Proceeds from sales and repayments of loans held for sale	235	49	2	5	90
Proceeds from U.S. Treasury securities	7,269	8,613	2,016	0	0
Payments on U.S. Treasury securities	−7,440	−8,157	0	0	—
Net receipts (payments) on derivatives	−1,822	779	−862	3,644	933
Other assets	−32	−62	−137	−11	31
Interest receivable	138	155	−586	−404	33
Interest payable	112	−20	−37	234	−100
Other liabilities	6	75	65	−42	2
Net cash provided by (used in) operating activities	693	3,311	2,367	5,372	3,077
Payments on purchases of securities	−40,747	−32,214	−41,036	−45,474	−22,345
Proceeds from sales of securities	17,172	21,106	31,260	25,056	11,670
Principal payments on securities	8,342	6,834	6,153	9,541	18,743
Payments on purchases and origination of loans	−18,648	−13,239	−5,504	−6,137	−7,715
Proceeds from sales of loans	1,350	686	21	1,930	1,214
Principal payments on loans	6,109	2,613	1,087	1,562	2,611
Payments on purchases of MSR	−883	−863	−397	−1,009	−473
Proceeds from sales of MSR	2	66	0	9	82
Payments on purchases of interests in MSR	−32	0	0	−5	−65
Proceeds from reverse repurchase agreements	636,212	609,316	128,615	24,500	16,734
Payments on reverse repurchase agreements	−636,247	−609,316	−128,615	−24,500	−16,734
Distributions in excess of cumulative earnings from unconsolidated joint ventures	7	25	0	0	290,000
Net cash provided by (used in) investing activities	−27,363	−14,985	−8,416	−14,527	4,899
Proceeds from repurchase agreements and other secured financing	7,237,348	6,004,597	5,351,050	3,571,043	2,288,705
Payments on repurchase agreements and other secured financing	−7,220,846	−6,000,860	−5,348,112	−3,566,953	−2,298,775
Proceeds from issuances of securitized debt	14,589	10,330	4,481	5,473	3,719
Principal payments on securitized debt	−5,069	−2,394	−944	−1,234	−1,716
Payments on purchases of securitized debt	−486	0	−3	−8	0
Payment of deferred financing cost	−14	−4	−4	0	−9
Proceeds from participations issued	7,805	4,135	2,007	1,908	1,848
Payments on repurchases of participations issued	−6,990	−4,055	−1,675	−1,974	−819
Principal payments on participations issued	−89	−46	−53	−51	−23
Net contributions (distributions) from (to) noncontrolling interests	−43	−11	−14	72	6
Net proceeds from stock offerings, direct purchases and dividend reinvestments	2,911	1,558	674	2,636	552
Settlement of stock-based awards in satisfaction of withholding tax requirements	−14	−6	−7	−4	−3
Dividends paid	−1,882	−1,494	−1,518	−1,519	−1,360
Net cash provided by (used in) financing activities	27,220	11,750	5,884	9,389	−7,878
Net (decrease) increase in cash and cash equivalents	550	76	−165	235	98
Interest received	4,302	3,783	3,279	2,459	2,701
Interest paid (excluding interest paid on interest rate swaps)	3,446	3,832	3,552	867	269
Net interest received (paid) on interest rate swaps	1,130	1,650	1,307	16	−341
Taxes received (paid)	1	−2	1	—	—
Net change in unrealized gains (losses) on available-for-sale securities, net of reclassification adjustment	529	318	2,373	−4,667	−2,416

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