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SEGMENTS (Tables) | 9 Months Ended
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Sep. 30, 2024
Segment Reporting [Abstract] |
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, 2024 and 2023:
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 |
Three Months Ended September 30, 2023
| Agency | Resi-credit | MSR | Corporate & Other | Consolidated
| (dollars in thousands)
Interest income | $ | 756,479 |  | $ | 239,194 |  | $ | — |  | $ | 5,812 |  | $ | 1,001,485 |
Interest expense | 849,422 |  | 193,271 |  | — |  | 4,126 |  | 1,046,819 |
Net interest income | (92,943) |  | 45,923 |  | — |  | 1,686 |  | (45,334) |
Servicing and related income | — |  | — |  | 97,620 |  | — |  | 97,620 |
Servicing and related expense | — |  | — |  | 9,623 |  | — |  | 9,623 |
Net servicing income | — |  | — |  | 87,997 |  | — |  | 87,997 |
Other income (loss) | (528,640) |  | (12,974) |  | (21,870) |  | 4,038 |  | (559,446) |
Less: Total general and administrative expenses | 14,576 |  | 12,195 |  | 7,657 |  | 5,481 |  | 39,909 |
Income (loss) before income taxes | (636,159) |  | 20,754 |  | 58,470 |  | 243 |  | (556,692) |
Income taxes | 727 |  | 5,985 |  | 5,858 |  | (178) |  | 12,392 |
Net income (loss) | (636,886) |  | 14,769 |  | 52,612 |  | 421 |  | (569,084) |
Less: Net income (loss) attributable to noncontrolling interest | — |  | (6,879) |  | — |  | — |  | (6,879) |
Net income (loss) attributable to Annaly | (636,886) |  | 21,648 |  | 52,612 |  | 421 |  | (562,205) |
Dividends on preferred stock | — |  | — |  | — |  | 36,854 |  | 36,854 |
Net income (loss) available (related) to common stockholders | (636,886) |  | 21,648 |  | 52,612 |  | (36,433) |  | (599,059) |
Unrealized gains (losses) on available-for-sale securities | (825,286) |  | — |  | — |  | — |  | (825,286) |
Reclassification adjustment for net (gains) losses included in net income (loss) | 513,041 |  | — |  | — |  | — |  | 513,041 |
Other comprehensive income (loss) | (312,245) |  | — |  | — |  | — |  | (312,245) |
Comprehensive income (loss) | (949,131) |  | 14,769 |  | 52,612 |  | 421 |  | (881,329) |
Comprehensive income (loss) attributable to noncontrolling interests | — |  | (6,879) |  | — |  | — |  | (6,879) |
Comprehensive income (loss) attributable to Annaly | $ | (949,131) |  | $ | 21,648 |  | $ | 52,612 |  | $ | 421 |  | $ | (874,450) |
Noncash investing and financing activities: |
Receivable for unsettled trades | 1,039,173 |  | — |  | 8,393 |  | — |  | 1,047,566 |
Payable for unsettled trades | 2,144,692 |  | 1,546 |  | 38,231 |  | 29,850 |  | 2,214,319 |
Net change in unrealized gains (losses) on available-for-sale securities, net of reclassification adjustment | (312,245) |  | — |  | — |  | — |  | (312,245) |
Dividends declared, not yet paid | — |  | — |  | — |  | 321,629 |  | 321,629 |
Total assets |
Total assets | $ | 70,047,768 |  | $ | 16,616,765 |  | $ | 2,647,052 |  | $ | 336,838 |  | $ | 89,648,423 |
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 |
Nine Months Ended September 30, 2023
| Agency | Resi-credit | MSR | Corporate & Other | Consolidated
| (dollars in thousands)
Interest income | $ | 2,058,371 |  | $ | 658,849 |  | $ | — |  | $ | 24,009 |  | $ | 2,741,229 |
Interest expense | 2,279,586 |  | 504,011 |  | — |  | 15,466 |  | 2,799,063 |
Net interest income | (221,215) |  | 154,838 |  | — |  | 8,543 |  | (57,834) |
Servicing and related income | — |  | — |  | 265,683 |  | — |  | 265,683 |
Servicing and related expense | — |  | — |  | 26,433 |  | — |  | 26,433 |
Net servicing income | — |  | — |  | 239,250 |  | — |  | 239,250 |
Other income (loss) | (1,415,438) |  | 91,439 |  | 61,314 |  | (4,602) |  | (1,267,287) |
Less: Total general and administrative expenses | 44,401 |  | 36,757 |  | 22,210 |  | 20,284 |  | 123,652 |
Income (loss) before income taxes | (1,681,054) |  | 209,520 |  | 278,354 |  | (16,343) |  | (1,209,523) |
Income taxes | 1,213 |  | 14,034 |  | 22,706 |  | (251) |  | 37,702 |
Net income (loss) | (1,682,267) |  | 195,486 |  | 255,648 |  | (16,092) |  | (1,247,225) |
Less: Net income (loss) attributable to noncontrolling interest | — |  | (7,797) |  | — |  | — |  | (7,797) |
Net income (loss) attributable to Annaly | (1,682,267) |  | 203,283 |  | 255,648 |  | (16,092) |  | (1,239,428) |
Dividends on preferred stock | — |  | — |  | — |  | 104,495 |  | 104,495 |
Net income (loss) available (related) to common stockholders | (1,682,267) |  | 203,283 |  | 255,648 |  | (120,587) |  | (1,343,923) |
Unrealized gains (losses) on available-for-sale securities | (443,957) |  | — |  | — |  | — |  | (443,957) |
Reclassification adjustment for net (gains) losses included in net income (loss) | 1,458,077 |  | — |  | — |  | — |  | 1,458,077 |
Other comprehensive income (loss) | 1,014,120 |  | — |  | — |  | — |  | 1,014,120 |
Comprehensive income (loss) | (668,147) |  | 195,486 |  | 255,648 |  | (16,092) |  | (233,105) |
Comprehensive income (loss) attributable to noncontrolling interests | — |  | (7,797) |  | — |  | — |  | (7,797) |
Comprehensive income (loss) attributable to Annaly | $ | (668,147) |  | $ | 203,283 |  | $ | 255,648 |  | $ | (16,092) |  | $ | (225,308) |
Noncash investing and financing activities: |
Receivable for unsettled trades | 1,039,173 |  | — |  | 8,393 |  | — |  | 1,047,566 |
Payable for unsettled trades | 2,144,692 |  | 1,546 |  | 38,231 |  | 29,850 |  | 2,214,319 |
Net change in unrealized gains (losses) on available-for-sale securities, net of reclassification adjustment | 1,014,120 |  | — |  | — |  | — |  | 1,014,120 |
Dividends declared, not yet paid | — |  | — |  | — |  | 321,629 |  | 321,629 |
Total assets |
Total assets | $ | 70,047,768 |  | $ | 16,616,765 |  | $ | 2,647,052 |  | $ | 336,838 |  | $ | 89,648,423 |

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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