ANNALY CAPITAL MANAGEMENT INC Earnings Per Share Disclosure
16. NET INCOME (LOSS) PER COMMON SHARE | ||
| For the Years Ended | |||||||||||||||||
| December 31, 2025 | December 31, 2024 | December 31, 2023 | |||||||||||||||
| (dollars in thousands, except per share data) | |||||||||||||||||
| Net income (loss) | $ | 2,051,690 | $ | 1,011,768 | $ | (1,638,457) | |||||||||||
| Net income (loss) attributable to noncontrolling interests | 24,428 | 9,862 | 4,714 | ||||||||||||||
| Net income (loss) attributable to Annaly | 2,027,262 | 1,001,906 | (1,643,171) | ||||||||||||||
| Dividends on preferred stock | 157,931 | 154,551 | 141,676 | ||||||||||||||
| Net income (loss) available (related) to common stockholders | $ | 1,869,331 | $ | 847,355 | $ | (1,784,847) | |||||||||||
| Weighted average shares of common stock outstanding-basic | 639,513,399 | 521,737,554 | 494,541,323 | ||||||||||||||
| Add: Effect of stock awards, if dilutive | 1,529,342 | 1,010,056 | — | ||||||||||||||
| Weighted average shares of common stock outstanding-diluted | 641,042,741 | 522,747,610 | 494,541,323 | ||||||||||||||
| Net income (loss) per share available (related) to common share | |||||||||||||||||
| Basic | $ | 2.92 | $ | 1.62 | $ | (3.61) | |||||||||||
| Diluted | $ | 2.92 | $ | 1.62 | $ | (3.61) | |||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 12, 2026 | Showing above |
| 2024 | Feb 13, 2025 | |
| 2023 | Feb 15, 2024 | |
| 2022 | Feb 16, 2023 | |
| 2021 | Feb 18, 2022 | |
| 2020 | Feb 19, 2021 | |
| 2019 | Feb 14, 2020 | |
| 2017 | Feb 16, 2018 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.