SEGMENTS (Tables)

6 Months Ended

Jun. 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 six months ended June 30, 2025 and 2024:


Three Months Ended June 30, 2025
	Agency		Resi-credit		MSR		Corporate & Other		Consolidated
	(dollars in thousands)
Interest income	$	913,267	$	505,463	$	—	$	163	$	1,418,893
Interest expense	731,316		414,222		—		155		1,145,693
Net interest income	181,951		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 expenses	16,551		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 securities	33,559		—		—		—		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 trades	1,104,920		—		29,976		—		1,134,896
Payable for unsettled trades	1,479,249		—		59,277		—		1,538,526
Net change in unrealized gains (losses) on available-for-sale securities, net of reclassification adjustment	47,356		—		—		—		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
	Agency		Resi-credit		MSR		Corporate & Other		Consolidated
	(dollars in thousands)
Interest income	$	821,339	$	353,545	$	—	$	2,441	$	1,177,325
Interest expense	830,324		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 expenses	15,862		13,148		8,507		7,374		44,891
Income (loss) before income taxes	(209,757)		97,038		121,715		(5,898)		3,098
Income taxes	118		(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 trades	311,349		—		9,310		—		320,659
Payable for unsettled trades	1,041,278		—		54,993		—		1,096,271
Net change in unrealized gains (losses) on available-for-sale securities, net of reclassification adjustment	124,991		—		—		—		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
	Agency		Resi-credit		MSR		Corporate & Other		Consolidated
	(dollars in thousands)
Interest income	$	1,762,467	$	972,316	$	—	$	1,218	$	2,736,001
Interest expense	1,449,569		792,396		—		865		2,242,830
Net interest income	312,898		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 expenses	33,867		31,423		18,636		14,156		98,082
Income (loss) before income taxes	(140,746)		160,394		192,452		(12,717)		199,383
Income taxes	160		(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 securities	198,436		—		—		—		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 trades	1,104,920		—		29,976		—		1,134,896
Payable for unsettled trades	1,479,249		—		59,277		—		1,538,526
Net change in unrealized gains (losses) on available-for-sale securities, net of reclassification adjustment	277,636		—		—		—		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
	Agency		Resi-credit		MSR		Corporate & Other		Consolidated
	(dollars in thousands)
Interest income	$	1,603,265	$	662,553	$	—	$	5,995	$	2,271,813
Interest expense	1,677,095		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 expenses	31,450		25,822		17,101		9,088		83,461
Income (loss) before income taxes	10,762		246,876		215,119		(5,428)		467,329
Income taxes	725		(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 Annaly	10,037		245,647		203,050		(5,325)		453,409
Dividends on preferred stock	—		—		—		74,219		74,219
Net income (loss) available (related) to common stockholders	10,037		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 trades	311,349		—		9,310		—		320,659
Payable for unsettled trades	1,041,278		—		54,993		—		1,096,271
Net change in unrealized gains (losses) on available-for-sale securities, net of reclassification adjustment	178,473		—		—		—		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