SEGMENTS (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Segment Reporting Information, by Segment

The following tables present the reportable operating segments related to the Company’s results of operations for the three and nine months ended September 30, 2025 and 2024:


Three Months Ended September 30, 2025
	Agency		Resi-credit		MSR		Corporate & Other		Consolidated
	(dollars in thousands)
Interest income	$	992,588	$	539,909	$	—	$	—	$	1,532,497
Interest expense	811,177		445,570		—		—		1,256,747
Net interest income	181,411		94,339		—		—		275,750
Servicing and related income	—		—		141,356		—		141,356
Servicing and related expense	—		—		15,104		—		15,104
Net servicing income	—		—		126,252		—		126,252
Other income (loss)	495,445		32,343		(45,910)		1,700		483,578
Less: Total general and administrative expenses	17,827		16,755		9,423		6,335		50,340
Income (loss) before income taxes	659,029		109,927		70,919		(4,635)		835,240
Income taxes	(281)		(7,158)		(341)		(43)		(7,823)
Net income (loss)	659,310		117,085		71,260		(4,592)		843,063
Less: Net income (loss) attributable to noncontrolling interest	—		10,618		—		—		10,618
Net income (loss) attributable to Annaly	659,310		106,467		71,260		(4,592)		832,445
Dividends on preferred stock	—		—		—		41,127		41,127
Net income (loss) available (related) to common stockholders	659,310		106,467		71,260		(45,719)		791,318
Unrealized gains (losses) on available-for-sale securities	113,281		—		—		—		113,281
Reclassification adjustment for net (gains) losses included in net income (loss)	2,378		—		—		—		2,378
Other comprehensive income (loss)	115,659		—		—		—		115,659
Comprehensive income (loss)	774,969		117,085		71,260		(4,592)		958,722
Comprehensive income (loss) attributable to noncontrolling interests	—		10,618		—		—		10,618
Comprehensive income (loss) attributable to Annaly	$	774,969	$	106,467	$	71,260	$	(4,592)	$	948,104
Noncash investing and financing activities:
Receivable for unsettled trades	179,767		—		6,149		—		185,916
Payable for unsettled trades	2,497,495		22,067		84,716		—		2,604,278
Net change in unrealized gains (losses) on available-for-sale securities, net of reclassification adjustment	115,659		—		—		—		115,659
Dividends declared, not yet paid	—		—		—		476,737		476,737
Total assets
Total assets	$	85,802,242	$	35,811,143	$	4,147,960	$	100,227	$	125,861,572


Three Months Ended September 30, 2024
	Agency		Resi-credit		MSR		Corporate & Other		Consolidated
	(dollars in thousands)
Interest income	$	830,407	$	396,694	$	—	$	2,240	$	1,229,341
Interest expense	885,982		328,440		—		1,518		1,215,940
Net interest income	(55,575)		68,254		—		722		13,401
Servicing and related income	—		—		122,583		—		122,583
Servicing and related expense	—		—		12,988		—		12,988
Net servicing income	—		—		109,595		—		109,595
Other income (loss)	(6,658)		36,028		(33,967)		1,738		(2,859)
Less: Total general and administrative expenses	16,154		13,868		8,876		5,023		43,921
Income (loss) before income taxes	(78,387)		90,414		66,752		(2,563)		76,216
Income taxes	23		(8,263)		2,126		(21)		(6,135)
Net income (loss)	(78,410)		98,677		64,626		(2,542)		82,351
Less: Net income (loss) attributable to noncontrolling interest	—		15,906		—		—		15,906
Net income (loss) attributable to Annaly	(78,410)		82,771		64,626		(2,542)		66,445
Dividends on preferred stock	—		—		—		41,628		41,628
Net income (loss) available (related) to common stockholders	(78,410)		82,771		64,626		(44,170)		24,817
Unrealized gains (losses) on available-for-sale securities	428,955		—		—		—		428,955
Reclassification adjustment for net (gains) losses included in net income (loss)	15,769		—		—		—		15,769
Other comprehensive income (loss)	444,724		—		—		—		444,724
Comprehensive income (loss)	366,314		98,677		64,626		(2,542)		527,075
Comprehensive income (loss) attributable to noncontrolling interests	—		15,906		—		—		15,906
Comprehensive income (loss) attributable to Annaly	$	366,314	$	82,771	$	64,626	$	(2,542)	$	511,169
Noncash investing and financing activities:
Receivable for unsettled trades	727,124		—		39,217		—		766,341
Payable for unsettled trades	1,811,196		—		74,090		—		1,885,286
Net change in unrealized gains (losses) on available-for-sale securities, net of reclassification adjustment	444,724		—		—		—		444,724
Dividends declared, not yet paid	—		—		—		362,731		362,731
Total assets
Total assets	$	71,699,019	$	26,235,097	$	3,371,113	$	210,766	$	101,515,995


Nine Months Ended September 30, 2025
	Agency		Resi-credit		MSR		Corporate & Other		Consolidated
	(dollars in thousands)
Interest income	$	2,755,055	$	1,512,225	$	—	$	1,218	$	4,268,498
Interest expense	2,260,746		1,237,966		—		865		3,499,577
Net interest income	494,309		274,259		—		353		768,921
Servicing and related income	—		—		423,461		—		423,461
Servicing and related expense	—		—		43,788		—		43,788
Net servicing income	—		—		379,673		—		379,673
Other income (loss)	75,668		44,240		(88,243)		2,786		34,451
Less: Total general and administrative expenses	51,694		48,178		28,059		20,491		148,422
Income (loss) before income taxes	518,283		270,321		263,371		(17,352)		1,034,623
Income taxes	(121)		(15,899)		17,002		(98)		884
Net income (loss)	518,404		286,220		246,369		(17,254)		1,033,739
Less: Net income (loss) attributable to noncontrolling interest	—		19,971		—		—		19,971
Net income (loss) attributable to Annaly	518,404		266,249		246,369		(17,254)		1,013,768
Dividends on preferred stock	—		—		—		115,544		115,544
Net income (loss) available (related) to common stockholders	518,404		266,249		246,369		(132,798)		898,224
Unrealized gains (losses) on available-for-sale securities	311,717		—		—		—		311,717
Reclassification adjustment for net (gains) losses included in net income (loss)	81,578		—		—		—		81,578
Other comprehensive income (loss)	393,295		—		—		—		393,295
Comprehensive income (loss)	911,699		286,220		246,369		(17,254)		1,427,034
Comprehensive income (loss) attributable to noncontrolling interests	—		19,971		—		—		19,971
Comprehensive income (loss) attributable to Annaly	$	911,699	$	266,249	$	246,369	$	(17,254)	$	1,407,063
Noncash investing and financing activities:
Receivable for unsettled trades	179,767		—		6,149		—		185,916
Payable for unsettled trades	2,497,495		22,067		84,716		—		2,604,278
Net change in unrealized gains (losses) on available-for-sale securities, net of reclassification adjustment	393,295		—		—		—		393,295
Dividends declared, not yet paid	—		—		—		476,737		476,737
Total assets
Total assets	$	85,802,242	$	35,811,143	$	4,147,960	$	100,227	$	125,861,572


Nine Months Ended September 30, 2024
	Agency		Resi-credit		MSR		Corporate & Other		Consolidated
	(dollars in thousands)
Interest income	$	2,433,672	$	1,059,247	$	—	$	8,235	$	3,501,154
Interest expense	2,563,077		872,118		—		5,451		3,440,646
Net interest income	(129,405)		187,129		—		2,784		60,508
Servicing and related income	—		—		358,182		—		358,182
Servicing and related expense	—		—		37,821		—		37,821
Net servicing income	—		—		320,361		—		320,361
Other income (loss)	109,384		189,851		(12,513)		3,336		290,058
Less: Total general and administrative expenses	47,604		39,690		25,977		14,111		127,382
Income (loss) before income taxes	(67,625)		337,290		281,871		(7,991)		543,545
Income taxes	748		(9,966)		14,195		(124)		4,853
Net income (loss)	(68,373)		347,256		267,676		(7,867)		538,692
Less: Net income (loss) attributable to noncontrolling interest	—		18,838		—		—		18,838
Net income (loss) attributable to Annaly	(68,373)		328,418		267,676		(7,867)		519,854
Dividends on preferred stock	—		—		—		115,847		115,847
Net income (loss) available (related) to common stockholders	(68,373)		328,418		267,676		(123,714)		404,007
Unrealized gains (losses) on available-for-sale securities	92,843		—		—		—		92,843
Reclassification adjustment for net (gains) losses included in net income (loss)	530,354		—		—		—		530,354
Other comprehensive income (loss)	623,197		—		—		—		623,197
Comprehensive income (loss)	554,824		347,256		267,676		(7,867)		1,161,889
Comprehensive income (loss) attributable to noncontrolling interests	—		18,838		—		—		18,838
Comprehensive income (loss) attributable to Annaly	$	554,824	$	328,418	$	267,676	$	(7,867)	$	1,143,051
Noncash investing and financing activities:
Receivable for unsettled trades	727,124		—		39,217		—		766,341
Payable for unsettled trades	1,811,196		—		74,090		—		1,885,286
Net change in unrealized gains (losses) on available-for-sale securities, net of reclassification adjustment	623,197		—		—		—		623,197
Dividends declared, not yet paid	—		—		—		362,731		362,731
Total assets
Total assets	$	71,699,019	$	26,235,097	$	3,371,113	$	210,766	$	101,515,995