XML 35 R23.htm IDEA: XBRL DOCUMENT v3.25.2
SEGMENTS
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
SEGMENTS
17.  SEGMENTS
The Company operates in three reportable segments further described in the Description of Business Note. The accounting policies applied to the segments are the same as those described in the summary of significant accounting policies, with the exception of allocations between segments related to net interest income and other comprehensive income (loss), which are reflected in Other income (loss), and allocations between segments related to investment balances, which are presented net of associated financings in Total Assets. These allocations are made to reflect the economic hedging relationship between investments within different operating segments. Activities that are not directly attributable or not allocated to any of the three current operating segments (such as investments in commercial mortgage-backed securities, preferred stock dividends and corporate existence costs) are reported under Corporate and Other as reconciling items to the Company’s consolidated financial statements. The tables below summarize the result of operations and total assets by segment that are provided to the Chief Operating Decision Maker (CODM), which is the Company’s Operating Committee. Comprehensive income is the measure of segment profit or loss that is determined in accordance with the measurement principles used in measuring the corresponding amounts in the consolidated financial statements and is a key determinant of the Company’s economic return (computed as the change in stockholders’ equity attributable to common stockholders plus common stock dividends declared divided by the prior period’s stockholders’ equity attributable to common stockholders), a measure which is used by the CODM to evaluate segment results and is one of the factors considered in determining capital allocation among the segments.
The following tables present the reportable operating segments related to the Company’s results of operations for the three and six months ended June 30, 2025 and 2024:
Three Months Ended June 30, 2025
 AgencyResi-creditMSRCorporate & OtherConsolidated
(dollars in thousands)
Interest income$913,267 $505,463 $— $163 $1,418,893 
Interest expense731,316 414,222 — 155 1,145,693 
Net interest income181,951 91,241 — 8 273,200 
Servicing and related income— — 141,670 — 141,670 
Servicing and related expense— — 14,571 — 14,571 
Net servicing income— — 127,099 — 127,099 
Other income (loss)(252,852)(193)(39,372)2,947 (289,470)
Less: Total general and administrative expenses16,551 15,917 9,243 8,307 50,018 
Income (loss) before income taxes(87,452)75,131 78,484 (5,352)60,811 
Income taxes(130)(8,217)8,833 (46)440 
Net income (loss)(87,322)83,348 69,651 (5,306)60,371 
Less: Net income (loss) attributable to noncontrolling interest— 3,272 — — 3,272 
Net income (loss) attributable to Annaly(87,322)80,076 69,651 (5,306)57,099 
Dividends on preferred stock— — — 37,260 37,260 
Net income (loss) available (related) to common stockholders(87,322)80,076 69,651 (42,566)19,839 
Unrealized gains (losses) on available-for-sale securities33,559 — — — 33,559 
Reclassification adjustment for net (gains) losses included in net income (loss)13,797 — — — 13,797 
Other comprehensive income (loss)47,356 — — — 47,356 
Comprehensive income (loss)(39,966)83,348 69,651 (5,306)107,727 
Comprehensive income (loss) attributable to noncontrolling interests— 3,272 — — 3,272 
Comprehensive income (loss) attributable to Annaly$(39,966)$80,076 $69,651 $(5,306)$104,455 
Noncash investing and financing activities:
Receivable for unsettled trades1,104,920 — 29,976 — 1,134,896 
Payable for unsettled trades1,479,249 — 59,277 — 1,538,526 
Net change in unrealized gains (losses) on available-for-sale securities, net of reclassification adjustment47,356 — — — 47,356 
Dividends declared, not yet paid— — — 449,453 449,453 
Total assets
Total assets$75,289,321 $32,919,304 $3,835,511 $97,756 $112,141,892 
Three Months Ended June 30, 2024
 AgencyResi-creditMSRCorporate & OtherConsolidated
(dollars in thousands)
Interest income$821,339 $353,545 $— $2,441 $1,177,325 
Interest expense830,324 291,816 — 1,627 1,123,767 
Net interest income(8,985)61,729 — 814 53,558 
Servicing and related income— — 120,515 — 120,515 
Servicing and related expense— — 12,617 — 12,617 
Net servicing income— — 107,898 — 107,898 
Other income (loss)(184,910)48,457 22,324 662 (113,467)
Less: Total general and administrative expenses15,862 13,148 8,507 7,374 44,891 
Income (loss) before income taxes(209,757)97,038 121,715 (5,898)3,098 
Income taxes118 (24)11,920 (83)11,931 
Net income (loss)(209,875)97,062 109,795 (5,815)(8,833)
Less: Net income (loss) attributable to noncontrolling interest— 650 — — 650 
Net income (loss) attributable to Annaly(209,875)96,412 109,795 (5,815)(9,483)
Dividends on preferred stock— — — 37,158 37,158 
Net income (loss) available (related) to common stockholders(209,875)96,412 109,795 (42,973)(46,641)
Unrealized gains (losses) on available-for-sale securities(54,243)— — — (54,243)
Reclassification adjustment for net (gains) losses included in net income (loss)179,234 — — — 179,234 
Other comprehensive income (loss)124,991 — — — 124,991 
Comprehensive income (loss)(84,884)97,062 109,795 (5,815)116,158 
Comprehensive income (loss) attributable to noncontrolling interests— 650 — — 650 
Comprehensive income (loss) attributable to Annaly$(84,884)$96,412 $109,795 $(5,815)$115,508 
Noncash investing and financing activities:
Receivable for unsettled trades311,349 — 9,310 — 320,659 
Payable for unsettled trades1,041,278 — 54,993 — 1,096,271 
Net change in unrealized gains (losses) on available-for-sale securities, net of reclassification adjustment124,991 — — — 124,991 
Dividends declared, not yet paid— — — 325,662 325,662 
Total assets
Total assets$66,660,065 $23,462,284 $3,326,780 $219,448 $93,668,577 
Six Months Ended June 30, 2025
 AgencyResi-creditMSRCorporate & OtherConsolidated
(dollars in thousands)
Interest income$1,762,467 $972,316 $— $1,218 $2,736,001 
Interest expense1,449,569 792,396 — 865 2,242,830 
Net interest income312,898 179,920 — 353 493,171 
Servicing and related income— — 282,105 — 282,105 
Servicing and related expense— — 28,684 — 28,684 
Net servicing income— — 253,421 — 253,421 
Other income (loss)(419,777)11,897 (42,333)1,086 (449,127)
Less: Total general and administrative expenses33,867 31,423 18,636 14,156 98,082 
Income (loss) before income taxes(140,746)160,394 192,452 (12,717)199,383 
Income taxes160 (8,741)17,343 (55)8,707 
Net income (loss)(140,906)169,135 175,109 (12,662)190,676 
Less: Net income (loss) attributable to noncontrolling interest— 9,353 — — 9,353 
Net income (loss) attributable to Annaly(140,906)159,782 175,109 (12,662)181,323 
Dividends on preferred stock— — — 74,417 74,417 
Net income (loss) available (related) to common stockholders(140,906)159,782 175,109 (87,079)106,906 
Unrealized gains (losses) on available-for-sale securities198,436 — — — 198,436 
Reclassification adjustment for net (gains) losses included in net income (loss)79,200 — — — 79,200 
Other comprehensive income (loss)277,636 — — — 277,636 
Comprehensive income (loss)136,730 169,135 175,109 (12,662)468,312 
Comprehensive income (loss) attributable to noncontrolling interests— 9,353 — — 9,353 
Comprehensive income (loss) attributable to Annaly$136,730 $159,782 $175,109 $(12,662)$458,959 
Noncash investing and financing activities:
Receivable for unsettled trades1,104,920 — 29,976 — 1,134,896 
Payable for unsettled trades1,479,249 — 59,277 — 1,538,526 
Net change in unrealized gains (losses) on available-for-sale securities, net of reclassification adjustment277,636 — — — 277,636 
Dividends declared, not yet paid— — — 449,453 449,453 
Total assets
Total assets$75,289,321 $32,919,304 $3,835,511 $97,756 $112,141,892 
Six Months Ended June 30, 2024
 AgencyResi-creditMSRCorporate & OtherConsolidated
(dollars in thousands)
Interest income$1,603,265 $662,553 $— $5,995 $2,271,813 
Interest expense1,677,095 543,678 — 3,933 2,224,706 
Net interest income(73,830)118,875 — 2,062 47,107 
Servicing and related income— — 235,599 — 235,599 
Servicing and related expense— — 24,833 — 24,833 
Net servicing income— — 210,766 — 210,766 
Other income (loss)116,042 153,823 21,454 1,598 292,917 
Less: Total general and administrative expenses31,450 25,822 17,101 9,088 83,461 
Income (loss) before income taxes10,762 246,876 215,119 (5,428)467,329 
Income taxes725 (1,703)12,069 (103)10,988 
Net income (loss)10,037 248,579 203,050 (5,325)456,341 
Less: Net income (loss) attributable to noncontrolling interest— 2,932 — — 2,932 
Net income (loss) attributable to Annaly10,037 245,647 203,050 (5,325)453,409 
Dividends on preferred stock— — — 74,219 74,219 
Net income (loss) available (related) to common stockholders10,037 245,647 203,050 (79,544)379,190 
Unrealized gains (losses) on available-for-sale securities(336,112)— — — (336,112)
Reclassification adjustment for net (gains) losses included in net income (loss)514,585 — — — 514,585 
Other comprehensive income (loss)178,473 — — — 178,473 
Comprehensive income (loss)188,510 248,579 203,050 (5,325)634,814 
Comprehensive income (loss) attributable to noncontrolling interests— 2,932 — — 2,932 
Comprehensive income (loss) attributable to Annaly$188,510 $245,647 $203,050 $(5,325)$631,882 
Noncash investing and financing activities:
Receivable for unsettled trades311,349 — 9,310 — 320,659 
Payable for unsettled trades1,041,278 — 54,993 — 1,096,271 
Net change in unrealized gains (losses) on available-for-sale securities, net of reclassification adjustment178,473 — — — 178,473 
Dividends declared, not yet paid— — — 325,662 325,662 
Total assets
Total assets$66,660,065 $23,462,284 $3,326,780 $219,448 $93,668,577