SEGMENTS (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Segment Reporting Information, by Segment

The following tables present the results of operations of the Company’s reportable operating segments for the years ended December 31, 2024, 2023 and 2022:


December 31, 2024
	Agency		Residential Credit		MSR		Corporate & Other		Consolidated
	(dollars in thousands)
Interest income	$	3,340,101	$	1,490,076	$	—	$	9,857	$	4,840,034
Interest expense	3,367,984		1,217,780		—		6,474		4,592,238
Net interest income	(27,883)		272,296		—		3,383		247,796
Servicing and related income	—		—		485,406		—		485,406
Servicing and related expense	—		—		49,469		—		49,469
Net servicing income	—		—		435,937		—		435,937
Other income (loss)	381,691		147,449		(19,330)		4,841		514,651
Less: Total general and administrative expenses	63,854		53,408		34,670		19,424		171,356
Income (loss) before income taxes	289,954		366,337		381,937		(11,200)		1,027,028
Income taxes	2,026		(15,705)		29,108		(169)		15,260
Net income (loss)	287,928		382,042		352,829		(11,031)		1,011,768
Less: Net income (loss) attributable to noncontrolling interest	—		9,862		—		—		9,862
Net income (loss) attributable to Annaly	287,928		372,180		352,829		(11,031)		1,001,906
Dividends on preferred stock	—		—		—		154,551		154,551
Net income (loss) available (related) to common stockholders	287,928		372,180		352,829		(165,582)		847,355
Unrealized gains (losses) on available-for-sale securities	(244,278)		—		—		—		(244,278)
Reclassification adjustment for net (gains) losses included in net income (loss)	561,996		—		—		—		561,996
Other comprehensive income (loss)	317,718		—		—		—		317,718
Comprehensive income (loss)	605,646		382,042		352,829		(11,031)		1,329,486
Comprehensive income (loss) attributable to noncontrolling interests	—		9,862		—		—		9,862
Comprehensive income (loss) attributable to Annaly	$	605,646	$	372,180	$	352,829	$	(11,031)	$	1,319,624
Noncash investing and financing activities:
Receivable for unsettled trades	2,142,357		—		59,090		—		2,201,447
Payable for unsettled trades	280,515		—		27,767		—		308,282
Net change in unrealized gains (losses) on available-for-sale securities, net of reclassification adjustment	317,718		—		—		—		317,718
Dividends declared, not yet paid	—		—		—		375,932		375,932
Total assets
Total assets	$	71,834,543	$	28,137,561	$	3,406,686	$	177,594	$	103,556,384


December 31, 2023
	Agency		Residential Credit		MSR		Corporate & Other		Consolidated
	(dollars in thousands)
Interest income	$	2,772,963	$	930,232	$	—	$	28,386	$	3,731,581
Interest expense	3,096,245		728,273		—		18,447		3,842,965
Net interest income	(323,282)		201,959		—		9,939		(111,384)
Servicing and related income	—		—		364,157		—		364,157
Servicing and related expense	—		—		37,652		—		37,652
Net servicing income	—		—		326,505		—		326,505
Other income (loss)	(1,824,323)		171,678		13,975		(12,921)		(1,651,591)
Less: Total general and administrative expenses	58,852		49,021		29,872		24,808		162,553
Income (loss) before income taxes	(2,206,457)		324,616		310,608		(27,790)		(1,599,023)
Income taxes	1,629		17,121		21,070		(386)		39,434
Net income (loss)	(2,208,086)		307,495		289,538		(27,404)		(1,638,457)
Less: Net income (loss) attributable to noncontrolling interest	—		4,714		—		—		4,714
Net income (loss) attributable to Annaly	(2,208,086)		302,781		289,538		(27,404)		(1,643,171)
Dividends on preferred stock	—		—		—		141,676		141,676
Net income (loss) available (related) to common stockholders	(2,208,086)		302,781		289,538		(169,080)		(1,784,847)
Unrealized gains (losses) on available-for-sale securities	580,680		—		—		—		580,680
Reclassification adjustment for net (gains) losses included in net income (loss)	1,792,816		—		—		—		1,792,816
Other comprehensive income (loss)	2,373,496		—		—		—		2,373,496
Comprehensive income (loss)	165,410		307,495		289,538		(27,404)		735,039
Comprehensive income (loss) attributable to noncontrolling interests	—		4,714		—		—		4,714
Comprehensive income (loss) attributable to Annaly	$	165,410	$	302,781	$	289,538	$	(27,404)	$	730,325
Noncash investing and financing activities:
Receivable for unsettled trades	2,709,398		—		826		—		2,710,224
Payable for unsettled trades	3,232,941		10		16,438		—		3,249,389
Net change in unrealized gains (losses) on available-for-sale securities, net of reclassification adjustment	2,373,496		—		—		—		2,373,496
Dividends declared, not yet paid	—		—		—		325,052		325,052
Total assets
Total assets	$	71,167,416	$	19,149,003	$	2,578,644	$	332,173	$	93,227,236


December 31, 2022
	Agency		Residential Credit		MSR		Corporate & Other		Consolidated
	(dollars in thousands)
Interest income	$	2,146,583	$	550,449	$	—	$	81,855	$	2,778,887
Interest expense	936,063		344,669		6,202		22,801		1,309,735
Net interest income	1,210,520		205,780		(6,202)		59,054		1,469,152
Servicing and related income	—		—		246,926		—		246,926
Servicing and related expense	—		—		25,145		—		25,145
Net servicing income	—		—		221,781		—		221,781
Other income (loss)	480,383		(147,908)		(47,510)		(41,178)		243,787
Less: Total general and administrative expenses	50,817		47,005		29,784		35,123		162,729
Income (loss) before income taxes	1,640,086		10,867		138,285		(17,247)		1,771,991
Income taxes	(792)		(10,485)		57,055		(207)		45,571
Net income (loss)	1,640,878		21,352		81,230		(17,040)		1,726,420
Less: Net income (loss) attributable to noncontrolling interest	—		1,088		—		7		1,095
Net income (loss) attributable to Annaly	1,640,878		20,264		81,230		(17,047)		1,725,325
Dividends on preferred stock	—		—		—		110,623		110,623
Net income (loss) available (related) to common stockholders	1,640,878		20,264		81,230		(127,670)		1,614,702
Unrealized gains (losses) on available-for-sale securities	(8,204,542)		—		—		—		(8,204,542)
Reclassification adjustment for net (gains) losses included in net income (loss)	3,537,236		—		—		—		3,537,236
Other comprehensive income (loss)	(4,667,306)		—		—		—		(4,667,306)
Comprehensive income (loss)	(3,026,428)		21,352		81,230		(17,040)		(2,940,886)
Comprehensive income (loss) attributable to noncontrolling interests	—		1,088		—		7		1,095
Comprehensive income (loss) attributable to Annaly	$	(3,026,428)	$	20,264	$	81,230	$	(17,047)	$	(2,941,981)
Noncash investing and financing activities:
Receivable for unsettled trades	572,089		—		3,002		—		575,091
Payable for unsettled trades	1,108,386		38		49,422		—		1,157,846
Net change in unrealized gains (losses) on available-for-sale securities, net of reclassification adjustment	(4,667,306)		—		—		—		(4,667,306)
Dividends declared, not yet paid	—		—		—		412,113		412,113
Total assets
Total assets	$	65,080,130	$	14,152,927	$	1,931,176	$	686,479	$	81,850,712