NET INCOME (LOSS) PER COMMON SHARE

9 Months Ended

Sep. 30, 2025


15. NET INCOME (LOSS) PER COMMON SHARE

The following table presents a reconciliation of net income (loss) and shares used in calculating basic and diluted net income (loss) per share for the three and nine months ended September 30, 2025 and 2024.


	For the Three Months Ended				For the Nine Months Ended
	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
	(dollars in thousands, except per share data)
Net income (loss)	$	843,063	$	82,351	$	1,033,739	$	538,692
Net income (loss) attributable to noncontrolling interests	10,618		15,906		19,971		18,838
Net income (loss) attributable to Annaly	832,445		66,445		1,013,768		519,854
Dividends on preferred stock (1)	41,127		41,628		115,544		115,847
Net income (loss) available (related) to common stockholders	$	791,318	$	24,817	$	898,224	$	404,007


Weighted average shares of common stock outstanding-basic	656,335,974		515,729,658		621,484,893		505,800,723
Add: Effect of stock awards, if dilutive	1,520,453		1,102,494		1,283,588		817,420
Weighted average shares of common stock outstanding-diluted	657,856,427		516,832,152		622,768,481		506,618,143
Net income (loss) per share available (related) to common share
Basic	$	1.21	$	0.05	$	1.45	$	0.80
Diluted	$	1.20	$	0.05	$	1.44	$	0.80
(1) The three and nine months ended September 30, 2025 include cumulative and undeclared dividends of $3.7 million on the Company's Series J Preferred Stock as of September 30, 2025.

The computations of diluted net income (loss) per share available (related) to common share for the three and nine months ended September 30, 2025 exclude approximately 1 thousand shares and 0 shares, respectively, and for the three and nine months ended September 30, 2024 exclude 0 shares and approximately 2 thousand shares, respectively, of potentially dilutive restricted stock units and performance stock units because their effect would have been anti-dilutive.